Cloudified Holdings Limited Regulatory News (CHL)

10 Dec 2009 12:41



10 December 2009  CHL: AIM

CHURCHILL MINING PLC

("Churchill" or "the Company")

CHURCHILL APPOINTS PALA INVESTMENTS & PRICEWATERHOUSECOOPERS INDONESIA AS ADVISORS

Churchill Mining PLC (AIM: CHL), the Indonesian-focused coal mining Company, is pleased to announce the appointment of Pala Investments AG ("Pala") as a strategic advisor. Pala will assess the Company's current structure with a view towards increasing Churchill's operational and capital-raising flexibility.

Pala is a multi-strategy investment advisory Company focused on the mining and natural resources sector. Pala offers strategic advice and guidance, corporate structuring assistance and innovative financial solutions to assist client companies in meeting their operational and financial requirements. With its team of professional mining and financial experts, Pala works with partner companies to unlock maximum shareholder value.

In addition to appointing Pala, Churchill, through its wholly owned Indonesian subsidiary, PT Indonesia Coal Development, has engaged PricewaterhouseCoopers Indonesia ("PwC") to assist with assessing certain aspects of the Company's current structure from a tax and financial perspective, including the impact of the implementation of the new Mining Law in Indonesia.

Churchill Mining's CEO Paul Mazak commented:

"We are pleased to have selected Pala as an advisor to Churchill as the Company enters the next phase of its life cycle. To date, Pala has been a tremendous supporter of the Company's development efforts including the recently announced milestone of the initial reserve statement, at just under a billion tonnes, at the world-class East Kutai Coal Project ("EKCP").

With the addition of Pala & PwC as advisors, the Company has assembled an expert team to continue its growth and the further development of the EKCP as it moves from a defined reserve to a producing asset."

END

For further information, please contact: