| Mon 26 Mar 2012, 13:06 | | FMC - Forbes & Manhattan Coal Corp. - Forbes Coal adds experience to |
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FMC
FMC
FMC - Forbes & Manhattan Coal Corp. - Forbes Coal adds experience to
management team
Forbes & Manhattan Coal Corp.
(Registration number: 002116278)
(External company registration number: 2011/011661/10)
Share code on the Toronto Stock Exchange: FMC
Share code on the JSE Limited: FMC
ISIN: CA3451171050
("Forbes Coal" or "the Company")
FORBES COAL ADDS EXPERIENCE TO MANAGEMENT TEAM
TORONTO, ONTARIO - March 26, 2012: Forbes & Manhattan Coal Corp. (TSX/JSE:
FMC) ("Forbes Coal" or the "Company") is pleased to announce that Mrs. Sarah
Williams is joining the Company as Vice President Finance, effective April 1,
2012.
Mrs. Williams is a Chartered Accountant (SA) with nine years experience in
the corporate finance industry. Her expertise is in the resource sector where
she played key roles in company listings and IPOs, mergers and acquisitions,
restructurings and debt and equity capital raisings. She has advised on
numerous transactions in the coal, gold, diamonds and iron ore sectors. Prior
to joining Forbes Coal, Mrs. Williams was with Sasfin Bank, a South African
bank listed on the Johannesburg Stock Exchange. Before Sasfin Bank, Mrs.
Williams held positions with boutique and major finance advisory groups.
Forbes Coal also announces that Ms. Jennifer Wagner has stepped down as
Corporate Secretary of the Company and Mr. Neil Said has been appointed to
this role effective March 26, 2012. Mr. Said is a corporate securities
lawyer who works as a legal consultant to various TSX and TSX Venture listed
companies in the mining and oil & gas industries. He previously worked as a
securities lawyer at a large Toronto corporate law firm, where he worked on a
variety of corporate and commercial transactions. Mr. Said obtained a Juris
Doctor from the Faculty of Law at the University of Toronto and he received a
Bachelor of Business Administration (Honours) with a minor in Economics from
Wilfrid Laurier University.
"Forbes Coal is fortunate to have someone with Mrs. Williams` experience join
our team. Her knowledge of the South African resource sector together with
her corporate finance background will benefit Forbes Coal as we continue to
grow the Company," said Stephan Theron, President and Chief Executive
Officer. "On behalf of the Company, I would also like to take this time to
thank Ms. Wagner for her contribution to Forbes Coal and wish her all the
best. We also welcome Mr. Said to management."
About Forbes Coal
Forbes Coal is a growing coal producer in southern Africa. It holds a
majority interest in two operating mines through its 100% interest in Slater
Coal (Pty) Ltd., a South African company ("Slater Coal") which has a 70%
interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a 100% interest
in the Magdalena bituminous mine and the Aviemore anthracite mine in South
Africa (collectively, "the Slater Properties"). The mines have a substantial
resource base and each mine has a projected life span in excess of 20 years.
Forbes Coal is in the process of increasing production at both mines and
looks to triple production from 2010 levels in the next three years using
existing infrastructure and capacity. The Company has in-place transportation
infrastructure allowing its coal to reach both export corridors and the
growing domestic coal market. Forbes Coal has a strong balance sheet and an
experienced coal-focused management team.
Please refer to the Company`s NI 43-101 compliant technical report on the
Slater Properties dated March 1, 2011 entitled "Technical Report on Slater
Coal and Subsidiaries, KwaZulu-Natal Province, South Africa", available on
the SEDAR profile of the Company at www.sedar.com. Additional information is
available at www.forbescoal.com.
Johan Odendaal, B.Sc.(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc. (Min. Eng.), a
director of Minxcon and an independent Qualified Person, as defined in
National Instrument 43-101 has reviewed and approved the scientific and
technical information contained in this release.
26 March 2012
Johannesburg
Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)
Cautionary Note Regarding Forward-Looking Information This press release
contains "forwardlooking information" within the meaning of applicable
Canadian securities legislation. Forwardlooking information includes, but is
not limited to, statements with respect to anticipated benefits related to
additions to the Company`s management team, the anticipated production
results at the Slater Properties, future financial or operating performance
of the Company and its projects, statements regarding the prospects for the
business of the Company, requirements for additional capital, government
regulation of the mineral exploration industry, environmental risks,
acquisition of mining licences, title disputes or claims, limitations of
insurance coverage and the timing and possible outcome of pending litigation
and regulatory matters. Generally, forwardlooking information can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate",
or "believes", or 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 information is subject to
known and unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of the Company
to be materially different from those expressed or implied by such forward-
looking information, including but not limited to: general business,
economic, competitive, foreign operations, political and social
uncertainties; a history of operating losses; delay or failure to receive
board or regulatory approvals; timing and availability of external financing
on acceptable terms; not realizing on the potential benefits of the proposed
transaction; conclusions of economic evaluations; changes in project
parameters as plans continue to be refined; future prices of mineral
products; failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry; and,
delays in obtaining governmental approvals or required financing or in the
completion of activities. Although the Company has attempted to identify
important factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other factors
that cause results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as actual
results and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue reliance on
forwardlooking information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable securities
laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
Stephan Theron
President and Chief Executive Officer
+1 (416) 861-5912
Email: stheron@forbescoal.com
Sabina Srubiski
Investor Relations Manager
+1 (416) 309 2957
Email: ssrubiski@forbescoal.com
Date: 26/03/2012 13:06:37 Produced by the JSE SENS Department.
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