Cobalt Coal Corp. Announces Continuous Miner Breakdown
5/18/2011 12:04:15 PM - Market Wire
CALGARY, ALBERTA, May 18, 2011 (Marketwire via COMTEX News Network) --
Cobalt
Coal Corp. ("Cobalt" or the "Company") (TSX VENTURE:CBT), announces a
significant machine malfunction at its Westchester Mine. During the
evening of May 17th, the main shaft of the continuous miner severed
causing the separation of the cutter heads from the machine.
While
management is investigating alternatives, difficulty in sourcing
replacement parts may necessitate a re-build of the continuous miner
which could take 1-2 weeks during which time operations at the mine will
be shutdown. Management will provide further updates as information
becomes available.
About Cobalt:
Cobalt is a publicly
traded coal exploration and production company headquartered in Calgary,
Alberta, Canada with a regional office in Welch, West Virginia USA.
Cobalt was created in August 2007 to capitalize on the growth
opportunities that exist in the modem metallurgical coal mining
industry.
The securities of Cobalt being offered have not been,
nor will be, registered under the United States Securities Act of 1933,
as amended, and may not be offered or sold within the United States or
to, or for the account or benefit of, U.S. persons absent U.S.
registration or an applicable exemption from U.S. registration
requirements. This release does not constitute an offer for sale of
securities in the United States.
READER ADVISORY
Statements
in this news release may contain forward-looking information including
the timing of closing of the Offering and the intended use of proceeds
of the Offering. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties,
and other factors, many of which are beyond the control of the Company.
These risks include, but are not limited to, the risks associated with
the coal mining industry, commodity prices and exchange rate changes.
Industry related risks could include, but are not limited to,
operational risks in exploration, development and production, delays or
changes in plans, risks associated to the uncertainty of reserve
estimates, health and safety risks and the uncertainty of estimates and
projections of production, costs and expenses. The reader is cautioned
not to place undue reliance on this forward-looking information.
SOURCE: Cobalt Coal Corp.
Cobalt
Coal Corp. Mike Crowder CEO 304-436-2390 mike@newtechmining.com Cobalt
Coal Corp. Michael Marshall Investor Relations 403-616-8918
investors@cobaltcoalcorp.com