EastCoal Inc.-Wash Plant Commissioning Complete and Application for Admission to AIM
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/22/12 -- EastCoal Inc. (TSX VENTURE: ECX) (the "Company" or "EastCoal") is pleased to announce that the commissioning of the new wash plant at the Menzhinsky Coal Mine in Ukraine ("Menzhinsky Mine") is complete. The wash plant is currently ramping up to full production, which is expected to take until the end of October. At this time, it is expected that the wash plant will be processing in excess of 175,000 tonnes of waste material per month.
There is strong demand for coal in Ukraine and all of the Company's existing production is currently sold to a local buyer. The coal expected from the wash plant will also be sold domestically and, as a result, the Company is not reliant on export markets for the sale of its coal.
The Company is also pleased to announce that, as a result of the Company's focus on Eastern Europe combined with anticipated investor interest from the United Kingdom, it is preparing to apply for admission to AIM in London. The application is expected to be completed by the end of November, however the Company cannot guarantee that the application will be successful.
The Company's board has extensive experience with the markets in London and three of the Company's directors were either directors or officers of Western Coal Corp., which, prior to its acquisition by Walter Energy Inc., was the largest company, by market capitalization, quoted on AIM.
By Order of the Board,
John Byrne, Chairman
About EastCoal Inc.
EastCoal Inc. is currently producing coking coal from its 100% owned Menzhinsky mine and developing its 100% owned Verticalnaya anthracite mine.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking information. These and all subsequent written and oral forward-looking information are based on estimates and opinions on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, EastCoal assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change. Completion of the transaction described herein will be subject to numerous conditions, including the negotiation and execution of definitive agreements. There can be no assurance that the transaction will be completed as proposed or at all.
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 release.
Contacts:
EastCoal Inc.
Abraham Jonker
President
(604) 681-8069
EastCoal Inc.
George Lawton
CFO
(604) 681-8069
(604) 685-4675 (FAX)
www.eastcoal.ca
