TORONTO,
Feb. 4, 2014 /CNW/ - Pacific Coal
Resources Ltd. (TSXV: PAK) provides an operational update on its
fourth quarter 2013 production at the La Caypa and Cerro Largo
mines, in addition to 2014 production outlook for the mines.
Hernan Martinez,
Executive Chairman, commented: "The Company produced 1,317,373
tonnes of thermal coal in 2013, a 4% increase from the 1,268,082
produced in 2012. La Caypa mine met the 2013 operational
expectations set by management late in 2012, producing in-line with
the Company's plan and beginning operations at the south pit in the
fourth quarter. The stripping ratio at Cerro Largo significantly
improved when comparing 2013 to 2012. In 2014, we look
forward to continued growth at La Caypa by ramping-up south pit
production and working towards initiating underground production,
beginning with the 40,000 tonne pilot project executed by Carbomec
de Colombia S.A.S. At the Cerro Largo mine, the Company will
continue its focus on maximizing operations and lowering
costs. Management will also set long-term plans for the
Company's other significant assets."
Production at La Caypa
|
Production of Coal
(metric tonnes) |
Waste
(bcm)(1) |
Stripping Ratio |
|
|
|
|
Q4 2013 |
|
|
|
|
|
|
|
Operations(2) |
258,754 |
2,812,669 |
10.87:1 |
South pit development |
- |
750,663 |
N/A |
Total |
258,754 |
3,563,332 |
13.77:1 |
|
|
|
|
2013 |
|
|
|
|
|
|
|
Operations |
1,014,103 |
8,847,824 |
8.72:1 |
South pit development |
- |
3,928,068 |
N/A |
Total |
1,014,103 |
12,775,892 |
12.60:1 |
(1) |
Bank cubic meters |
(2) |
La Caypa's operations for the fourth
quarter of 2013 included 206,004
from the north pit and 52,750 from the south pit (operations
commenced in the south pit in November 2013). |
|
|
During the fourth quarter of 2013, the Company
produced 258,754 tonnes at La Caypa, 98% of its planned
production. Production from the south pit began on schedule
in November 2013, with the Company
producing 52,750 tonnes as operations ramped-up. Total 2013
production of 1,014,103 tonnes was a 14% increase over the 892,363
tonnes produced in 2012 and in-line with the planned production for
2013. The positive results can be attributed to quality forecasting
by the Company's management and superb execution by its La Caypa
team. Operational stripping ratios at La Caypa were 10.87 in the
fourth quarter of 2013 and 8.72 for the year.
The Company is forecasting open pit production
of 1,010,000 tonnes and underground production of 40,000 tonnes of
thermal coal from La Caypa in 2014. This would represent a 4%
production increase from 2013.
Production at Cerro Largo
|
Production of Coal
(metric tonnes) |
Waste
(bcm) |
Stripping Ratio |
Q4 2013 |
40,909 |
499,365 |
12.21:1 |
2013 |
303,270 |
3,420,339 |
11.28:1 |
In the three months ended December 31, 2013, coal production at the Cerro
Largo mine was 40,909 tonnes, which was below planned production
for the quarter, as the Company dealt with lack of availability of
mining equipment and transportation. The fourth quarter saw a ramp
down to approximately twenty percent of annual production, as the
Company explored converting from in-house to third party operations
of the mine. On January 31
2014, the Company signed a contract with a third party operator,
Servicios Integrales del RancherĂa S.A.S. This company is
controlled by the same owner as Hormaza and Associates, a company
with vast experience in engineering, strip mining services and the
Cerro Largo mine specifically, as they are a former operator of the
mine and therefore familiar with the region and mine
conditions.
The 2013 operational stripping ratios at Cerro
Largo were 12.21 in the fourth quarter of 2013 and 11.28 for the
year ended December 31, 2013.
The Company is forecasting production of 600,000
tonnes of thermal coal from Cerro Largo in 2014. This would
represent nearly two times the tonnes produced in 2013.
Barranquilla Port Sale
The Company is pleased to announce the closing,
upon receipt of TSX Venture Exchange approval, of the previously
disclosed sale of the port concession it owns in Barranquilla
(Concession Contract No. 3-003 7-2008). Please see news releases
dated June 28, 2013 and October 28, 2013 for further detail in respect of
the transaction.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a
Canadian-based mining company engaged in the acquisition,
exploration and production of coal and coal-related assets from
properties located in Colombia.
The Company's common shares are listed on the TSX Venture Exchange
and trade under the symbol "PAK".
Forward Looking Information:
This news release contains "forward-looking
information", which may include, but is not limited to, statements
with respect to the future financial or operating performance of
the Company and its projects. Often, but not always,
forward-looking statements can be identified by the use of words
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or believes" or
variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements.
Forward-looking statements contained herein are made as of the date
of this press release and Pacific Coal disclaim, other than as
required by law, any obligation to update any forward-looking
statements whether as a result of new information, results, future
events, circumstances, or if management's estimates or opinions
should change, or otherwise. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is
cautioned not to place undue reliance on forward-looking
statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
SOURCE Pacific Coal Resources Ltd.