20 Oct 2009 09:19
20 October 2009
Atlantic Coal plc
("Atlantic" or the "Company")
Termination of offer discussions
The Board of Atlantic notes the announcement made earlier today by the Board of Strategic Natural Resources plc ("SNR") that discussions between the two companies have been terminated and confirms that it is no longer in discussions with the Board of SNR about making an offer for SNR.
**ENDS**
For further information on the Company, visit: www.atlanticcoal.com or contact:
| Atlantic Coal plc | |
| Greg Kuenzel | Tel: 020 3328 5670 |
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| Allenby Capital Limited | |
| Nick Naylor , Nick Athanas | Tel: 020 3328 5656 |
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| Fox Davies Capital Ltd | |
| Daniel Fox Davies | Tel: 020 7936 5230 |
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| St Brides Media & Finance Ltd | |
| Hugo de Salis, Chris Welsh | Tel: 020 7236 1177 |
About the Company:
Atlantic Coal owns and operates the Stockton Colliery which comprises an opencast anthracite mine and an adjacent anthracite washing plant. The mine is an established non-union surface mine encompassing circa 900 land acres in the Hazle Creek Valley, Pennsylvania and has an estimated proven reserve of 4 million tons. Mining of raw coal is from the high quality mammoth seam, while washing and sizing takes place in the 150 ton per hour coal preparation plant. J T Boyd Company, the Company's Competent Person, estimated that there is over 10 years of mine life from existing reserves at an average production rate of 400,000 Run of Mine ('ROM') tons per annum. Based on historic production levels, the mine is capable of and is projected to produce approximately 450,000 ROM tons of coal per year. Mining operations are conducted by the use of hydraulic excavators. Uncovered raw coal is then loaded into 100 ton trucks for delivery to the onsite preparation plant. As each section of the mine is developed, mining progresses from the northern and southern faces into the basin. This yields a constant flow of raw coal to the preparation plant.