Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,438.31 29.77 0.18%
S&P 500 1,866.02 1.17 0.06%
NASDAQ 4,106.34 10.83 0.26%
Ticker Volume Price Price Delta
STOXX 50 3,155.81 16.55 0.53%
FTSE 100 6,625.25 41.08 0.62%
DAX 9,409.71 91.89 0.99%
Ticker Volume Price Price Delta
NIKKEI 14,512.38 -3.89 -0.03%
TOPIX 1,171.40 -1.97 -0.17%
HANG SENG 22,760.24 64.23 0.28%

Forbes Coal Announces New Chairman


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 management team.

Cautionary Notes

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. Contacts: Forbes & Manhattan Coal Corp. Stephan Theron President and Chief Executive Officer +1 (416) 861-5912 stheron@forbescoal.com

Forbes & Manhattan Coal Corp. Samantha Thomson Investor relations Manager +1 (416) 309-2957 sthomson@forbescoal.com

Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement