Pacific Coal Press Releases

Pacific Coal Resources Ltd. announces closing of US$4 million private placement and possible financing

Mon, 03 Jun 2013 07:51:00 -0400

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, June 3, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is pleased to announce closing of the previously announced private placement of units (the "Offering"). A total of 3,706,182 units have been issued to Pacific Power Generation Corp., a company existing under the laws of the Republic of Panama and the sole subscriber under the Offering, at a price of C$1.10 per unit for aggregate proceeds of US$4,000,000.

Each unit consists of one common share of Pacific Coal and one common share purchase warrant of Pacific Coal. Each warrant entitles the holder to purchase one common share of Pacific Coal at an exercise price of C$1.10 until May 31, 2018.

The common shares and warrants issued pursuant to the Offering are subject to a four month hold period, expiring on October 1, 2013. After closing of the Offering, Pacific Coal will have at total of 49,724,290 common shares issued and outstanding.

The Company is also pleased to announce that it has retained the financial advisory firm of LW Securities to explore alternatives to consolidate the Company's bank debt and reduce amounts owed to Masering, including a potential bond offering.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PAK".

Forward Looking Information:

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Pacific Coal to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Pacific Coal disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Melissa Krishna
Deputy General Counsel and Secretary
(416) 360-8725

Pacific Coal Resources Ltd. announces first quarter 2013 financial results

Fri, 31 May 2013 07:48:00 -0400

TORONTO, May 31, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) has filed its unaudited interim condensed consolidated financial statements for three months ended March 31, 2013, together with its management's discussion and analysis ("MD&A") for the corresponding period. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. These documents will be posted on the Company's website at www.pacificcoal.ca and under the Company's profile at www.sedar.com.

Hernan Martinez , Executive Chairman, commented: '"The first quarter of 2013 began to bear positive results as a consequence of the strategic changes undertaken by the Company in the second half of 2012. We will continue to aspire to greater cost savings and leveraging our assets to maximize the Company's potential."

Financial and Operating Summary

A summary of the financial and operating results for the first quarter of 2013 is as follows:


		First Quarter
(000's except per share and operating data)		2013		2012

Operational
Tonnes of coal produced		223,346		317,070
Average stripping ratio - operations		10.28:1		10.83:1
Tonnes of coal sold⁽¹⁾		220,751		260,495
Average realized price per tonne sold	$	99.10	$	103.27
Operating margin per tonne sold	$	(4.06)	$	(26.84)

Financial
Revenues	$	21,901	$	28,424
Gross margin		(2,694)		(9,056)
Net (loss) earnings attributed to shareholders		(3,017)		(21,106)
Basic and fully diluted (loss) earnings per share⁽²⁾		(0.07)		(0.46)
Total cash		4,785		4,176
Total assets		238,635		375,008
Total debt ⁽³⁾		66,161		48,238

(1)				Includes coal purchased from third parties for sale.
(2)				At a special meeting held on March 11, 2013, the Company's shareholders approved a share consolidation, in which seven old common shares of the Company were exchanged for one new common share. This also resulted in a consolidation of the Company's outstanding share purchase warrants and stock options.
(3)				The total debt amount includes $33.4 million owed to Masering S.A.S. ("Masering") at March 31, 2013 (March 31, 2012 - $9.3 million).

First Quarter Highlights

The Company produced 223,346 tonnes of coal in the first quarter of 2013. Production at the Cerro Largo mine (104,366 tonnes) increased by 17% when compared to the fourth quarter of 2012 (86,414 tonnes). The Cerro Largo stripping ratio of 12.24:1 in the first quarter of 2013 was the lowest stripping ratio the Company has recorded since commencing full-time operation of the mine. This represents a 24% decrease from the first quarter of 2012 (16.19:1) and 32% decrease from the fourth quarter of 2012 (17.95:1).

Total revenues for the first quarter of 2013 were $21.9 million, reflect sales of approximately 220,751 tonnes of coal at an average realized price of $99.10 per tonne. Coal sales in the first quarter of 2013 were approximately 70% on an FOB basis.

The total operating margin loss on a per tonne sold basis in the first quarter of 2013 was 85% lower than the first quarter of 2012 operating margin loss, due largely to cost reductions at the Cerro Largo mine and selling cost savings company-wide in the first quarter of 2013, in addition to a work stoppage and operational issues at the La Caypa mine in the first quarter of 2012.

In the second half of 2012, the Company worked to identify its operational issues and consider changes to its future strategic plans. In the first quarter of 2013 a new mine operator began work at La Caypa mine and in April 2013 the Company began operating the Cerro Largo mine in-house. The Company also signed a Memorandum of Understanding ("MOU") in January 2013 to explore entering into a joint venture to utilize Cerro Largo's thermal coal for a power plant operation.

During the first quarter of 2013, the Company recorded the lowest quarterly G&A since its incorporation, significantly ahead of its quarterly goal and representing an improvement of 25% over the fourth quarter of 2012. The Company had anticipated a quarterly G&A run rate of approximately $1.9 million, with actual G&A for the quarter totaling $1.6 million.

The Company has suspended updating the Company's mine 43-101 technical reports for the La Caypa and Cerro Largo mines due to the Company's operational changes in the fourth quarter of 2012, with the plan to re-start studies in the third quarter of 2013 and an anticipated release of the reports by the end of the year.

Q1 2013 - La Caypa

	Production of Coal (metric tonnes)	Waste (bcm ⁽¹⁾)	Operational Strip Ratio
North Pit	118,980	1,019,702	8.57:1
South Pit	-	770,278	-
Total	118,980	1,789,980	8:57:1

(1)

"BCM" is Bank Cubic Metres

During the first quarter of 2013, the Company produced 118,980 tonnes at La Caypa, down approximately 36% from 185,175 tonnes produced in the first quarter of 2012. The reduction is attributed to the fact that a new operator at the mine began production in the middle of February 2013, after the former operator stopped operations suddenly after being notified of the Company's plan to change operators in December 2012. In the interim period, the Company had limited production through its own operation, although the amount produced was approximately 25% in January and 57% in February of what the new operator produced at full-operation in March 2013. With the new operator at full-operation, the Company continues to anticipate production of 1.0 million tonnes at La Caypa in 2013, a 12% production increase from 2012.

Operational stripping ratio at La Caypa was 8.57 in the first quarter of 2013 compared to 7.01 in the same period of 2012. The increase was also attributed to the change in operator during the quarter, including the removal and installation of equipment. The total stripping ratio for the first quarter of 2013 includes development work which took place at the south pit to prepare the site for production, which is expected to begin by the end of the first quarter of 2014.

Q1 2013 - Cerro Largo

	Production of Coal (metric tonnes)	Waste (bcm ⁽¹⁾)	Strip Ratio
Total	104,366	1,277,113	12.24:1

(1)

"BCM" is Bank Cubic Metres

In the first quarter of 2013, the Company produced 104,366 tonnes from the Cerro Largo mine, compared to 131,895 tonnes in the first quarter of 2012 (which was the mine's record high). Although production was greater than the fourth quarter of 2012 (86,414 tonnes), production was affected by the operator of Cerro Largo transitioning to become the new operator at La Caypa, as the Company made the decision to take over as operator of Cerro Largo in April 2013. The Cerro Largo mine stripping ratio of 12.24 in the first quarter of 2013 was the lowest recorded since the mine has been at full operation. This stripping ratio represents a 24% decrease compared to the first quarter of 2012 (16.19:1). The Company credits the improved stripping ratio to the resolution of mud concentration issues late in the fourth quarter of 2012.

Q1 2013 - Jam

The Company's metcoal production at Jam has been suspended since late in the second quarter of 2012 as a consequence of high costs and weak international prices. The plant has focused on processing third party purchased materials for use in the production of coke. Coke production has been held at minimal levels since the suspension, with activity during the first quarter of 2013 concentrated on conducting repairs to the coking infrastructure.

The Company attempted to hold costs to a minimum during the first quarter of 2013, with the operating margin held to a loss of $0.2 million as a result of fixed overhead costs of $0.1 million and an inventory impairment of $0.1 million.

Corporate update

In the first quarter of 2013, the Company began implementing the significant strategic and operational plans that were established in the second half of 2012. Strategically, management continued to investigate different avenues to raise funds. As part of this process the Company engaged the financial advisory firm of LW Securities in April 2013 to explore alternatives to consolidate the Company's bank indebtedness and reduce amounts owed to Masering.

In terms of operational plans, the exploration of alternatives for the operation of the Cerro Largo mine led the Company to decide to convert to a self-operating mine, with the Company commencing operations in April 2013. The re-assessment of the Cerro Largo operation also led the Company to sign a long-term focused MOU with the purpose of the incorporation of a company in the future dedicated to the generation of electric power using the coal from the mine.

In the first quarter of 2013, the Company decided that the optimal decision for Jam was to enter into a commercial relationship with another mining company that has experience producing metcoal and coke, and then using the coke in its future operations or selling it to third parties. With this approach in mind, the Company believes it can finalize a deal that would result in a coke plant production ramp-up starting in June 2013. The Company is continuing to also look into various alternatives for refurbishment of the Jam mine to maximize operational efficiency, with the hopes to re-start metcoal production in the second quarter of 2014.

Underground mine

Conceptual design for the underground mine project at La Caypa continues to progress according to plan with in-house staff working in coordination and with the support of external local consultants. The process of hiring a leading international underground operator at La Caypa continues, with the expectation for underground mining to begin in the first quarter of 2014.

La Tigra exploration

The Company has signed an agreement with a third-party to perform analysis of the results of asphaltite exploration at the La Tigra property, at the third-party's cost, to determine the site's prospects. The analysis is expected to be completed early in the third quarter of 2013, at which time the Company will determine an adequate course of action for the property.

Barranquilla port

The Company has hired a port expert to lead a project focusing on determining an optimal use for and the ultimate development of the Barranquilla port. Management plans on expanding its permits to facilitate the shipment of liquids from the port.

Cost reduction program

The Company has undertaken a comprehensive cost cutting program including payroll and G&A reductions. The Company expected to reduce the first quarter G&A run rate to approximately $1.9 million in 2013, but the G&A for the first quarter surpassed expectations by $0.3 million ($1.6 million), an approximate 14% decrease from the expectation and approximately 25% lower than G&A in the fourth quarter of 2012 ($2.2 million excluding $0.1 million of DD&A). The Company continues to forecast the annual G&A expense at $7.5 million (a quarterly run rate of $1.9 million), but generating additional cost savings continues to be a top priority.

About Pacific Coal Resources Ltd.

Forward Looking Information:

Melissa Krishna
Deputy General Counsel & Secretary
(416) 360-8725

Pacific Coal Resources Ltd. announces receipt of subscription agreement for US$4 million private placement

Fri, 17 May 2013 07:30:00 -0400

TORONTO, May 17, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is pleased to announce the receipt of an executed subscription agreement in respect of its previously announced US$ 4 million private placement (see press release dated May 8, 2013). Pacific Power Generation Corp., a company existing under the laws of the Republic of Panama, is the sole subscriber under the private placement and is not currently a shareholder of the company.

The private placement is subject to TSXV approval and is expected to close on or about May 31, 2013.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Melissa Krishna
Deputy General Counsel and Secretary
(416) 360-8725

Pacific Coal Resources Ltd. announces US$4 million private placement

Wed, 08 May 2013 07:59:00 -0400

TORONTO, May 8, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is pleased to announce a proposed private placement of units, each unit consisting of one common share of Pacific Coal and one common share purchase warrant of Pacific Coal at a price of C$1.10 per unit for aggregate proceeds of US$4,000,000. Each warrant entitles the holder to purchase one common share of the Company at an exercise price of C$1.10 for a period of five years from the date of issuance.

The private placement is being undertaken on a non-brokered basis with a sole purchaser who will be subscribing for the entire amount of the offering. The transaction is a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Share Holders in Special Transactions ("MI 61-101") as the purchaser is controlled by a combination of Pacific Rubiales Energy Corp. and Blue Pacific Assets Corp., both of whom are principal shareholders of the Company. The Company intends to rely on an exemption from the requirement to obtain a formal valuation and minority shareholder approval prescribed by MI 61-101 in respect of the private placement, as the Company has determined that the fair market value of the private placement does not exceed 25% of the Company's market capitalization as calculated and determined in accordance with MI 61-101.

The private placement is subject to TSXV approval and is expected to close on or about May 15, 2013.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Melissa Krishna
Deputy General Counsel and Secretary
(416) 360-8725

Pacific Coal Resources Ltd. announces 2012 year-end financial results

Tue, 30 Apr 2013 07:30:00 -0400

TORONTO, April 30, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) has filed today its audited annual consolidated financial statements for year ended December 31, 2012, together with its management's discussion and analysis ("MD&A") and annual information form for the corresponding period. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. These documents will be posted on the Company's website at www.pacificcoal.ca and under the Company's profile at www.sedar.com.

Hernan Martinez, Executive Chairman, commented: '"In 2012, the Company faced operational issues and a contraction of international coal prices. The Company endured this, undertaking a substantive revitalization and altering its strategic focus, including a re-focus on core competencies and significant operational changes at our producing thermal coal mine sites." Looking to 2013, Mr. Martinez said "This year, we look forward to realizing the benefits of the strategic re-focus and to creating further efficiency and bolstering Company performance."

Financial and Operating Summary

A summary of the financial and operating results for the fourth quarter and full year of 2012 is as follows:


	Fourth Quarter						Twelve Months Ended December 31
(000's except per share and operating data)	2012			2011			2012		2011

Operational
Tonnes of coal produced			274,756			356,541		1,268,082		1,426,750
Average stripping ratio - operations			11.11:1			7.79:1		10.71:1		7.48:1
Tonnes of coal sold⁽¹⁾			304,165			477,127		1,270,114		1,694,516
Average realized price per tonne sold		$	99.96		$	101.12	$	98.22	$	98.62
Operating margin per tonne sold			(12.90)			4.03		(13.57)		7.38

Financial
Revenues		$	30,401		$	48,813	$	129,055	$	167,690
Gross margin			(5,908)			(618)		(26,355)		5,753
Net (loss) earnings attributed to shareholders⁽²⁾			(49,868)			(7,236)		(123,752)		(53,616)
Basic and fully diluted (loss) earnings per share⁽³⁾			(1.08)			(0.15)		(2.69)		(1.23)
Total cash			4,102			11,062		4,102		11,062
Total assets			242,047			369,562		242,047		369,562
Total debt ⁽⁴⁾			58,584			40,434		58,584		40,434

(1)			Includes coal purchased from third parties for sale.
(2)			The net loss for the fourth quarter of 2012 included a $39.2 million and $8.5 million impairment of Cerro Largo and Jam operations respectively. The net loss for the year ended December 31, 2012 includes an $8.1 million impairment triggered by the re-classification of the Company's subsidiary, Sociedad Portuaria Terminal de las Flores S.A., to be held for sale and a $35.6 million impairment of the Cerro Largo operation. See the section "Impairment of non-current assets" in the MD&A.
(3)			At a special meeting of shareholders held on March 11, 2013, the Company's shareholders approved a share consolidation pursuant to which seven old common shares of the Company were exchanged for one new common share. This also resulted in a consolidation of the Company's outstanding share purchase warrants and stock options.
(4)			The total debt amount includes $27.6 million owed to Masering S.A.S. at December 31, 2012 (December 31, 2011 - $4.5 million).

2012 Highlights

The Company produced 1,268,082 tonnes of coal in 2012. Production at Cerro Largo in the fourth quarter of 86,414 tonnes was consistent with the fourth quarter of 2011, although production at La Caypa of 188,342 tonnes was lower, based primarily on the change in operator change.
Total revenues in 2012 of $129.1 million reflect sales of approximately 1.3 million tonnes of coal at an average realized price of $98.22 per tonne. Total revenues for the fourth quarter of 2012 were $30.4 million on coal sales of 304,165 tonnes, at an average realized price of $99.96 per tonne. Coal sales in the fourth quarter of 2012 were approximately 70% on an FOB basis.
The total operating margin loss on a per tonne sold basis in the fourth quarter of 2012 was 5% lower than the 2012 operating margin loss, but higher than the third quarter of 2012, primarily due to a short-term production stoppage at the La Caypa mine as the Company replaced the mine operator.
In the second half of 2012, the Company worked to identify its operational issues and consider changes to its future strategic plans. This led to a new mine operator being implemented at La Caypa and the Company signing a memorandum of understanding in January 2013 to explore entering into a joint venture to utilize Cerro Largo's thermal coal for a power plant operation.
As a result of re-focusing the Company's long-term plans, the Company sold its investment in Blue Advanced Colloidal Fuels ("BACF") for cash proceeds of $5.0 million in the fourth quarter of 2012, but retained the right to purchase up to 10% of BACF for $10 million in the future. The cash proceeds were used in the Company's operating and selling activities at its producing coal and coke sites.
The Company initiated cost saving initiatives in the second quarter of 2012. During the fourth quarter of 2012, these initiatives contributed to the 26% decrease in G&A expenses to $2.3 million compared to $3.1 million in the third quarter of 2012, in addition to the 29% and 6% decreases already realized in the second and third quarters of 2012 respectively. The Company anticipates a quarterly G&A run rate of approximately $1.9 million in 2013.
The Company has suspended updating the Company's mine 43-101 technical reports for the La Caypa and Cerro Largo mines due to the Company's operational changes in the fourth quarter of 2012, with the plan to re-start studies in the second quarter of 2013 and an anticipated release of the reports at the end of the third quarter of 2013.
The net loss of $49.9 million ($1.08 per share) in the fourth quarter of 2012 includes $39.2 million ($0.85 per share) and $8.5 million ($0.18 per share) non-cash impairment writedowns of Cerro Largo and Jam, respectively. These impairments were triggered by changes to the mine plan and increases to the entities working capital deficit in the case of Cerro Largo, and reductions in international metallurgical coal and coke prices for Jam.

Outlook

The Company concluded 2012 with a brighter outlook on the future after enduring a year with various operational issues, as well as an international contraction in coal prices. The Company persevered, minimizing costs where required and implemented operational plans devised by the strong, new senior management team. Minimizing costs included replacing the operator at the La Caypa mine and commencing plans to self-operate Cerro Largo, both significant decisions that the Company believes will assist in bringing costs to reasonable levels.

At La Caypa, the Company replaced the mine operator with Masering, the former operator at Cerro Largo. Masering commenced operations at the site in February 2013. Significant progress has been made with the development work at the south pit and production is expected to commence in the first quarter of 2014. The Company is in the process of hiring a leading international underground operator at La Caypa with the expectation for underground mining to also begin in the first quarter of 2014. With Masering in place as operator, the Company anticipates producing 1.0 million tonnes of coal from La Caypa mine in 2013, a 12% increase over the production results of 2012.

At Cerro Largo, in an effort to continue to reduce operating costs, the Company assumed operations from Masering in April 2013. The Company overcame the issue with mud concentrations at the bottom of the mine's open-pit in October 2012, which assisted in reducing the mine's stripping ratio by 16% between the third quarter and the fourth quarter of 2012. The Company believes that production from the Cerro Largo mine will be 600,000 tonnes in 2013, a 60% increase from the tonnage produced in 2012.

The Company's metcoal production at the Jam mine was suspended and coke production was limited through the second half of 2012 as a consequence of high costs and weak international prices. In the fourth quarter of 2012, the Company decided that the optimal decision for Jam was to enter into a commercial relationship with another mining company that has experience producing metcoal and coke, and then using the coke in its future operations or selling it to third parties. With this approach in mind, the Company believes it can finalize a deal that would result in coke plant production ramp-up starting in May 2013. The Company is continuing to also look into various alternatives for refurbishment of the Jam mine to maximize operational efficiency, with hopes to re-start metcoal production in the second quarter of 2014.

The Company has signed an agreement with a third-party to perform analysis of the results of asphaltite exploration at the La Tigra property, at the third-party's cost, to determine the site's prospects. The analysis is expected to be completed in the second quarter of 2013, at which time the Company will determine an adequate course of action for the property.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Melissa Krishna
Deputy General Counsel & Secretary
(416) 360-8725

Pacific Coal Resources Ltd. Announces Share Consolidation and Filing of Notice-and-Access

Mon, 25 Mar 2013 18:31:00 -0400

TORONTO, March 25, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) is pleased to announce the consolidation of its issued and outstanding common shares on a one-for-seven basis as authorized by its shareholders at the Company's special meeting of shareholders held on March 11, 2013. The consolidation is being effected to reduce volatility in the stock and to make it more attractive to institutional investors.

The Company will also be consolidating its issued and outstanding warrants on a one-for-seven basis, with the result that each consolidated warrant will now entitle the holder to acquire one common share in the capital of the Company at an exercise price equal to seven times its original exercise price, or $14.70. The warrants of the Company were delisted from the TSX Venture Exchange effective as of close of market on March 19, 2013.

Commencing at opening of trading on Monday, March 25, 2013, the common shares in the capital of the Company began trading on a post-consolidation basis on the TSX Venture Exchange.

The following table summarizes the Company's capital structure following the consolidation of its common shares and warrants (all dollar amounts expressed in Canadian dollars):

Table 1 - Pacific Coal Resources Ltd. capital structure (post-consolidation)

Common Shares	46,018,108 (TSX-V: PAK)
Stock Options	3,130,714 stock options vested and exercisable at $9.45 per share expiring on March 10, 2016 28,571 stock options vested and exercisable at $9.45 per share expiring on May 11, 2016 45,714 stock options vested and exercisable at $4.69 per share expiring on October 24, 2016 575,000 stock options vested and exercisable at $0.77 per share expiring on October 30, 2017 71,429 stock options vested and exercisable at $1.75 per share expiring on January 22, 2018
Warrants	42,857 unlisted common share purchase warrants. Each warrant entitles the holder to purchase one common share at $2.31 per warrant until July 12, 2015. 10,678,568 listed common share purchase warrants (TSX-V: PAK.WT). Each warrant entitles the holder to purchase one common share at $14.70 per warrant until March 14, 2016.

No fractional shares or warrants will be issued if, as a result of the consolidation, a registered shareholder would otherwise become entitled to a fractional common share or warrant by virtue of holding common shares or warrants that are not in a multiple of seven. Any fractional shares resulting from the consolidation will be converted by the Company into whole shares on the basis that each fractional share that is less than half of a share will be cancelled and each fractional share that is at least half of a share or warrant will be changed to one whole common share. All entitlements to fractional consolidated warrants will be rounded down to the next whole number of consolidated warrants.

Notice and Access

The Company will be taking advantage of the new Notice-and-Access rules to further its cost cutting efforts by reducing printing and mailing costs. Notice-and-Access permits annual financial statements, management's discussion and analysis and meeting circulars to be posted on public companies' websites instead of being mailed to shareholders.

In accordance with the rules, the Company has filed a first time notice of use of Notice-and-Access, which is available on the Company's profile at www.sedar.com. The Company will post on its website the meeting circular, annual financial statements and management's discussion and analysis in respect of its upcoming annual general meeting to be held on May 30, 2013.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Melissa Krishna
Deputy General Counsel and Secretary
(416) 360-8725

Pacific Coal Resources Ltd. announces the voluntary delisting of warrants and grant of stock options

Tue, 19 Feb 2013 07:30:00 -0500

TORONTO, Feb. 19, 2013 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) announces the voluntary delisting of 74,749,976 warrants, being all of the Company's warrants currently trading on the TSX Venture Exchange under the symbol PAK.WT. Due to the minimal trading volume of the warrants, the Company is electing to delist the warrants to further its ongoing cost reduction initiative undertaken in 2012. The warrants are expected to be delisted at market close on March 18, 2013, being 20 trading days following the date of this release, as required by the TSXV.

Options

The Company also announces that on January 22, 2013 it granted options to purchase 400,000 common shares of the Company to newly appointed officers of the Company, subject to regulatory approval. The stock options were granted pursuant to the Company's stock option plan and are exercisable at a price of $0.25 per share, set to expire on January 22, 2018.

On October 30, 2012, the Company granted options to purchase 4,000,000 common shares of the Company to a newly appointed officer of the Company, subject to regulatory approval. The stock options were granted pursuant to the Company's stock option plan and are exercisable at a price of $0.11 per share, set to expire on October 30, 2017.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Peter Volk
General Counsel
(416) 360-8725

Pacific Coal Resources Ltd. announces fourth quarter 2012 strategic update

Wed, 05 Dec 2012 08:41:00 -0500

TORONTO, Dec. 5, 2012 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) announces a strategic update, including significant advances in the La Caypa underground initiative, a re-focusing of operations at the Cerro Largo property, signing of an agreement relating to La Tigra exploration, signing of the Barranquilla port sale MOU and an update regarding the cost reduction program. Management believes Pacific Coal's strategic re-focus is positioning the Company towards significantly improved operations and liquidity. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.

La Caypa underground mine

The Company is advancing towards operation of an underground mine at La Caypa, with anticipated production of underground thermal coal beginning by the end of 2013. Pacific Coal's new management team has begun negotiations in respect of carrying out this underground mine operation with OXBOW, a leader in underground coal production in the United States which also operates globally. Underground production at La Caypa is expected to reach 0.7 million tonnes of coal in 2014 and over 1.0 million tonnes annually from 2015 onwards. This production will be in addition to La Caypa's continued open-pit mine production of approximately 1.0 million tonnes per year.

Cerro Largo operations

Based on the high BTU and low sulfur levels of Cerro Largo's thermal coal, management has determined that such coal is ideal for power generation, specifically a mine mouth electric plant (coal burning electric-generating plant). Pacific Coal is in discussion with Pacific Power Generation Corp. and Proelectrica & CIA S.C.A. ESP to create a new joint venture company which would focus on (i) building an electric plant, which is anticipated to have a maximum production capacity of 150 Megawatts, and (ii) marketing the energy produced.

La Tigra exploration

Asphaltite exploration continues at La Tigra. Pacific Coal has signed an agreement with a third-party to perform analysis of exploration results, at the third-party's cost, to determine the site's prospects. The analysis is expected to be completed in the second quarter of 2013, at which time Pacific Coal will determine an adequate course of action for the deposit.

Barranquilla port

Pacific Coal signed an MOU in respect of the sale of its interest in Sociedad Portuaria Terminal de las Flores S.A., the subsidiary that owns the Barranquilla port concession, with an anticipated completion of the sale by January 2013.

Share Consolidation

The board of directors of the Company has determined that it is in the best interest of the Company to consolidate its issued and outstanding common shares on a 7:1 basis. The Company expects to call a special meeting of shareholders in the first quarter of 2013 so that shareholders may vote on the proposed share consolidation.

Cost reduction program

Pacific Coal has undertaken a comprehensive cost cutting program including payroll and G&A reductions. During the third quarter of 2012, actions taken contributed to a decrease of 20% in G&A expenses to $3.6 million as compared to $4.4 million in the second quarter of 2012, in addition to the 12% and 9% decrease already realized in the first and second quarter of 2012 respectively. The third quarter expenses include approximately $1.0 million of one-time expenses associated with staff reductions and asphaltite research costs, which if excluded would see a G&A expense improvement of approximately 43% from the second quarter of 2012. Based on the continued success of the cost cutting program, management expects a continued decrease in the quarterly G&A run rate to approximately $2.75 million by the fourth quarter of 2012.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Peter Volk
General Counsel
(416) 360-8725

Pacific Coal Resources Ltd. announces third quarter 2012 financial results

Fri, 30 Nov 2012 00:19:00 -0500

TORONTO, Nov. 29, 2012 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) has filed today its unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2012, together with its management's discussion and analysis ("MD&A") for the corresponding period. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. These documents will be posted on the Company's website at www.pacificcoal.ca and under the Company's profile at www.sedar.com.

Hernan Martinez, Executive Chairman, commented: '"The second half of 2012 has thus far seen the Company re-focus on its core competencies by selling our BACF investment and signing an MOU for the sale of our Barranquilla port interest. The sale of the BACF investment, which closed in October, provided us with $5 million in cash, which will be used in operating and selling activities at our producing coal and coke sites. Coal operations continued through the third quarter of 2012, with 341,248 tonnes of thermal coal produced at our La Caypa and Cerro Largo sites. We expect production improvements and cost reductions at La Caypa as we replace the current operator in the fourth quarter. The Company's cost cutting program resulted in a 20% reduction in G&A expenses in the third quarter compared to the second quarter of 2012, with an expected quarterly run rate as of the fourth quarter of 2012 that is approximately 30% below the average in 2011. Management believes the decisions made and actions taken during the quarter and through the remainder of 2012 are positioning the Company towards significantly improved operations and liquidity."

Financial and Operating Summary

A summary of the financial and operating results for the three and nine months ended September 30, 2012 and 2011 is as follows:


	Third Quarter		Nine Months Ended September 30
(000's except per share and operating data)	2012	2011	2012	2011

Operational
Tonnes of coal produced	341,248	400,909	993,325	1,070,209
Average stripping ratio - operations	11.38	7.61	10.60	7.38
Tonnes of coal sold⁽¹⁾	366,678	460,189	965,948	1,217,389
Average realized price per tonne sold	$ 92.53	$ 101.01	$ 97.67	$ 97.65
Operating margin per tonne sold⁽²⁾	(5.76)	4.12	(13.95)	10.18

Financial
Revenues	$ 35,033	$ 46,485	$ 98,654	$ 118,877
Gross margin⁽³⁾	(4,120)	(937)	(20,447)	6,371
Net (loss) earnings attributed to shareholders⁽⁴⁾	(15,201)	(1,126)	(85,827)	(46,380)
Basic and fully diluted (loss) earnings per share	(0.05)	0.00	(0.27)	(0.16)
Total cash	135	14,267	135	14,267
Total assets	318,462	392,112	318,462	392,112
Total debt ⁽⁵⁾	39,701	32,012	39,701	32,012

(1)	Includes coal purchased from third parties for sale.
(2)	See additional financial measures in MD&A.
(3)	"Gross margin" represents total revenues, net of operating costs, transportation and port services costs, selling costs, depreciation, depletion and amortization, and impairment charges related to inventory.
(4)	2012 includes a non-cash impairment writedown of $45.5 million; including $8.0 million in the third quarter triggered by the planned sale of the Barranquilla port concession and $35.6 million relating to impairment of the Cerro Largo property in the second quarter.
(5)	Includes bank indebtedness, long-term debt (including current portion), and obligations under finance leases (including current portion).

Third Quarter Highlights

The Company produced 341,248 tonnes of coal during the third quarter of 2012, representing a 2% increase over the 335,008 tonnes produced in the second quarter of 2012. The Company's stripping ratio for the third quarter was 11.38:1.

Production at La Caypa was 251,525 tonnes representing a decrease of approximately 6% from the second quarter of 2012 and 72% of its planned production. Production was significantly impacted by issues with the mine operator and destabilization of the mine footwall in August 2012. Production at the Cerro Largo mine was 89,723 tonnes, representing an increase of approximately 33% from the second quarter of 2012.

Total revenues for the third quarter of 2012 were $35.0 million, consistent with $35.2 million in the second quarter of 2012, on the strength of coal sales of 366,678 tonnes, at an average realized price of $92.53 per tonne.

During the third quarter of 2012, cost saving initiatives contributed to a 20% decrease in G&A expenses to $3.6 million as compared to $4.4 million in the second quarter of 2012, in addition to the 12% and 9% decreases already realized in the first and second quarters of 2012 respectively. G&A in the third quarter included $0.6 million of one-time severance costs associated with staff reductions and $0.4 million of asphaltite research costs. The Company anticipates a quarterly G&A run rate of approximately $2.75 million in the fourth quarter of 2012.

In October 2012 the Company sold its Blue Advanced Colloidal Fuels ("BACF") investment for cash proceeds of $5.0 million and in November 2012 signed an MOU in respect of its interest in Sociedad Portuaria Terminal de las Flores S.A. ("SPTF"), which holds the Barranquilla port concession. The cash generated by these transactions will be used in the Company's operating and selling activities at its producing coal and coke sites. Sale of the BACF investment contributed to the $3.0 million cash balance at November 29, 2012.

The Company continues to work with SRK Consulting (UK) Ltd, to finalize the Company's 43-101 updated technical reports. The Cerro Largo report is expected to be released in the fourth quarter of 2012. The La Caypa report is expected in the second quarter of 2013.

The net loss of $15.2 million ($0.05 per share) in the third quarter of 2012 includes a $8.0 million ($0.02 per share) non-cash impairment writedown of SPTF triggered by its planned sale.

Q3 2012 - La Caypa

	Production of Coal (metric tonnes)	Waste (bcm ⁽¹⁾)	Strip Ratio
Actual Pit	251,525	1,966,372	7.82:1
South Pit	-	392,674	-
Total	251,525	2,359,046	9.38:1

(1) "BCM" is Bank Cubic Metres

During the third quarter of 2012, the Company produced 251,525 tonnes at La Caypa, down approximately 6% from the second quarter and 72% of planned production. Production at La Caypa during the quarter was negatively impacted by the mine operator's general lack of equipment for loading, hauling, and support at the mine and was compounded by destabilization of the mine footwall in the month of August. Issues with the mine operator resulted in a breach of their contractual obligations, which led the Company to begin the process of replacing them during the fourth quarter of 2012.

Operational stripping ratio at La Caypa, up slightly to 7.82 in the third quarter of 2012 reflected the impact of the mine sidewall development during the quarter. Total stripping ratios at La Caypa include costs incurred in moving waste volumes from the south pit.

Q3 2012 - Cerro Largo

	Production of Coal (metric tonnes)	Waste (bcm ⁽¹⁾)	Strip Ratio
Total	89,723	1,918,289	21.38:1

(1) "BCM" is Bank Cubic Metres

The Company's production at Cerro Largo of 89,723 tonnes in the third quarter of 2012 was an increase of approximately 33% from second quarter of 2012. Consistent with the second quarter, the Company continued addressing mud concentration concerns at the bottom of the open pit, although efforts to correct the issue were noted during the quarter with the increase in production and improvement of the stripping ratio to 21.38:1 from 25.53:1 in the second quarter of 2012.

Q3 2012 - Jam

	Q3 2012	Q3 2011
Tonnes produced	476	-

The Company's Jam operation commenced production in the fourth quarter of 2011. In the third quarter of 2012, given current coke market trends the Company decided to maintain production at minimum levels. The Company's Jam activity has focused on repairs to coking infrastructure, with anticipated significant production in the first quarter of 2013.

Revised production guidance

As a result of reduced production in the third quarter of 2012 and the expected change in operator, the Company's 2012 production target at La Caypa has been revised to 970,000 tonnes. At Cerro Largo, in light of the third quarter results and the ongoing work required to clear the mud concentration in the pit, the Company has revised its 2012 production target for Cerro Largo to 400,000 tonnes.

Corporate update

The Company plans to provide a corporate update and an update on its strategic plan in a subsequent press release to be issued next week.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares and warrants are listed on the TSX Venture Exchange and trade under the symbol "PAK" and "PAK.WT" respectively.

Forward Looking Information:

Peter Volk
General Counsel
(416) 360-8725

Pacific Coal Announces Purchase of Common Shares and Warrants by Blue Pacific

Tue, 30 Oct 2012 20:02:00 -0400

TORONTO, Oct. 30, 2012 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) announced today that it has been informed by one of the Company's principal shareholders, Blue Pacific Investments Group, Ltd., that it has purchased 19,750,000 common shares in the capital of the Company at $0.11 per common share and 20,374,998 common share purchase warrants at $0.005 per warrant. The purchase was a private transaction facilitated through GMP Securities L.P. As a result of this purchase, Blue Pacific currently owns 88,750,000 common shares, which is approximately 27.56% of the issued and outstanding common shares of the Company.

The common shares and warrants are listed on the TSXV under the trading symbols "PAK" and "PAK.WT" respectively. The closing price of the common shares and warrants on October 29, 2012 was $0.11 and $0.005 respectively.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company focused on coal, coking coal, asphalt and asphaltite exploration, development and production from prospective producing, development-stage and exploration-stage properties in Colombia. The Company has acquired or entered into agreements to acquire various interests in several operating coal mines and projects, representing a substantive coal and asphaltite exploration and production area throughout Colombia. Pacific Coal is committed to implementing its exploration and development strategy with a comprehensive environment, safety and community program, meeting international standards of best practice.

Forward Looking Information:

Please contact:

Melissa Krishna
Deputy General Counsel and Secretary
(416) 360-8725