DAILY NEWS Oct 11, 2011 5:00 PM - 0 comments

COAL SALE: Xstrata to pay $40-M for Cline's Lossan met coal deposit

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2011-10-11

BRITISH COLUMBIA - Toronto-based Cline Mining Corp. is selling its 100% interest in the Lossan metallurgical coal deposit in the Peace River coal field. Xstrata Coal of Sydney, Australia, has agreed to pay $40 million for the deposit.

The Lossan deposit has a 43-101-compliant resource of 186 million tonnes in the measured and indicated categories and 54 million tonnes in the indicated category.

Xstrata already holds a group of licences surrounding the Lossan deposit. They were part of the company's acquisition of First Coal Corp. in August 2011.

On the opposite side of the country, in Nova Scotia, Xstrata and Erdene Resource Development Corp. are preparing to reopen the Donkin coal mine (CMJ, May 2011).

More information about Xstrata Coal is available at www.XstrataCoal.com.

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