EastCoal Inc. Grants Incentive Stock Options
04.02.2011 | Marketwired
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Feb. 4, 2011) - EastCoal Inc. (TSX VENTURE: ECX) (the “Company“) announces that pursuant to its stock option plan and subject to approval by the TSX Venture Exchange, EastCoal has granted 750,000 options to directors, officers, consultants and employees. These options will have an exercise price of $0.70 per share and will expire on February 3, 2016. The securities represented by this grant will be subject to a four-month hold period.By Order of the Board,
Bryce M.A. Porter
President
About EastCoal Inc.
The Company has recently changed its name to EastCoal Inc. to reflect its new strategy of developing coal operations. It is focused on the Donbass coal basin of Ukraine which has large coal reserves and excellent prospects.
EastCoal Inc. is currently developing its 100% owned Verticalnaya anthracite mine.
Verticalnaya North is described in the March 2010 NI 43-101 technical report available on Sedar (www.sedar.com) and the Company's website (www.lysanderminerals.comm). It represents the first phase in the redevelopment of the Verticalnaya mine, for which a NI 43-101 technical report was prepared in September 2008 and is also available on Sedar and the Company's website. Key indicators include:
Net present value @ 12% US$ 352.1 million
Internal rate of return 35.2%
Average cash operating cost per saleable tonne US$ 31.19/tonne
Proven reserves 16,200,000 tonnes
Probable reserves 11,000,000 tonnes
Measured resources 57,300,000 tonnes
Indicated resources 18,900,000 tonnes
Total resources 76,200,000 tonnes
Resources are inclusive of reserves.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
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 release.
For more information, please contact
EastCoal Inc.
Bryce M.A. Porter
President
604-681-8069
604-685-4675 (FAX)
www.lysanderminerals.com
