The Directors of EastCoal Inc. advise that the Board of Directors today resolved to proceed with the acquisition of the Menzhinsky Mine located in Ukraine effective January 1, 2012. The Mine is currently producing 6,000 tonnes per month of coking coal and plans are in hand to expand this to 11,000 tonnes per month by June 2012. In addition, significant quantities of unprocessed dump material are present at the Mine [...]
The Directors of EastCoal advise that the Company has received independent confirmation that there are ready, strong and growing domestic and international markets for future production of anthracitic coal products from the Verticalnaya coal mine now under development by EastCoal in Ukraine. EastCoal engaged MinAxis Pty Ltd, an Australian company specializing in coal marketing, to undertake an independent marketing study [...]
EastCoal Inc. is pleased to report that it has received proceeds of approximately $19.6 million from the exercise of warrant shares during fiscal 2011, including $5.9 million received in October 2011. In all, approximately 68 million warrant shares, representing 97% of all warrant shares outstanding, were exercised. The balance of the warrant shares expired unexercised.
TORONTO, Oct. 14, 2011 /CNW/ - Standard & Poor's Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index and S&P/TSX Venture Select Index Reviews. These changes will be effective at the open on Monday, October 24, 2011:
EastCoal is pleased to announce that it has entered into a letter of intent with Aponet Enterprises Ltd. under which EastCoal has acquired the right to purchase a 100% interest in the Menzhinsky Mine located in Ukraine. The Menzhinsky Mine is currently in operation. Production of coking coal from the developed section of the Mine, possibly increased by development of additional sections, will be a strategic fit with the [...]
EastCoal Inc. is pleased to announce that recent work at the main Verticalnaya anthracite mine has established that access to a new West Block in the west extension of seam H8 can be readily established. While access from the former mine into that area had been sealed off and was believed to be flooded, investigation of a ventilation drift has established that the access is free of water.
EastCoal is pleased to report that construction of the wash-plant for the Verticalnaya mine in Ukraine is 90% complete. It is expected that the plant will be shipped from the manufacturer in the United Kingdom in the coming month. On site, foundations are being prepared. The plant is expected to be operational on schedule before the end of the year.
EastCoal is pleased to announce the appointment of Mr. Abraham (Braam) Jonker to its Board of Directors. Mr. Jonker is a Chartered Accountant (South Africa and England and Wales) and holds a Masters degree in South African and International Tax from the Rand Afrikaans University. He has over 17 years of extensive accounting and corporate finance experience, mostly in the mining industry. He has worked as a consultant to [...]
