Forbes Coal Announces New Chairman
TORONTO, ONTARIO -- (Marketwire) -- 11/01/12 -- Forbes & Manhattan
Coal Corp. (TSX:FMC)(JSE:FMC) announced today that it has appointed
Craig Wiggill as chairman of its board of directors.
Mr. Wiggill has held management, executive and directorship positions
with several international mining and marketing companies in the coal
sector. As CEO of Coal Americas at Anglo American plc., he was
responsible for all coal activities in North and South America. He
was previously Managing Director of Anglo Coal Marketing Ltd from
2000 to 2004 and is an engineer by profession (B.Sc. Engineering,
University of the Witwatersrand, 1984).
Stephan Theron, President and CEO of the company said: "Craig's
extensive experience in the international coal sector will be
invaluable to the company's continued focus on implementing existing
plans and creating shareholder value."
The Forbes Coal board constitutes the following members; Mr. Stephan
Theron, Mr. Bernard Wilson, Mr. Stan Bharti, Mr. Ryan Bennett, Mr.
Michael Price, Mr. John Dreyer and Mr. Craig Wiggill.
About Forbes Coal
Forbes Coal is a growing coal producer in southern Africa. It holds a
majority interest in two operating mines through its 100% interest in
Forbes Coal (Pty) Ltd., a South African company ("Forbes Coal
Dundee") which has a 70% interest in Zinoju Coal (Pty) Ltd.
("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous
mine and the Aviemore anthracite mine in South Africa (collectively,
"the Forbes Coal Dundee Properties"). The mines have a substantial
resource base and each mine has a projected life span in excess of 20
years. Forbes Coal is in the process of increasing production at both
mines using existing infrastructure and capacity. The Company has
in-place transportation infrastructure allowing its coal to reach
both export corridors and the growing domestic coal market. Forbes
Coal has a strong balance sheet and an experienced coal-focused
The ability of the Company to increase production amounts has not
been the subject of a feasibility study and there is no certainty
that the proposed expansion will be economically feasible.
This press release contains "forward-looking information" within the
meaning of applicable Canadi
an securities legislation.
Forward-looking information includes, but is not limited to,
statements with respect to anticipated production results with
respect to the Forbes Coal Dundee Properties, future financial or
operating performance of the Company and its projects, statements
regarding the anticipated improvements in logistical support and
anticipated improvements in sales, statements made with respect to
prospects for the business of the Company, requirements for
additional capital, government regulation of the mineral exploration
industry, environmental risks, acquisition of mining licences, title
disputes or claims, limitations of insurance coverage and the timing
and possible outcome of pending litigation and regulatory matters.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or 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
information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information,
including but not limited to: general business, economic,
competitive, foreign operations, political and social uncertainties;
a history of operating losses; delay or failure to receive board or
regulatory approvals; timing and availability of external financing
on acceptable terms; not realizing on the potential benefits of the
proposed transaction; conclusions of economic evaluations; changes in
project parameters as plans continue to be refined; future prices of
mineral products; failure of plant, equipment or processes to operate
as anticipated; accidents, labour disputes and other risks of the
mining industry; and, delays in obtaining governmental approvals or
required financing or in the completion of activities. Although the
Company has attempted to identify important factors that could cause
actual results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can be
no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Forbes & Manhattan Coal Corp.
President and Chief Executive Officer
+1 (416) 861-5912
Forbes & Manhattan Coal Corp.
Investor relations Manager
+1 (416) 309-2957
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