EastCoal Inc.: Appointment to Board
15.03.2011 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwire - March 15, 2011) - EastCoal Inc. (TSX VENTURE: ECX) (the "Company") is pleased to announce the appointment of Mr. Gregory Cameron to its Board of Directors. Mr. Cameron has worked in the financial industry for 14 years having held senior positions in investment banking at Canaccord Capital (SVP Investment Banking), MGI Securities (Founder) and Macquarie Capital Markets Canada formerly Orion Securities (SVP Investment Banking). Over a successful 12 year career in banking, Mr. Cameron has worked on a host of equity, debt, merger and acquisitions and restructurings over his career. Currently, Mr. Cameron is the Chairman of 3P International Energy a Canadian Oil and Gas company focused on developing significant oil and gas reserves in Ukraine. Mr. Cameron is a graduate of Saint Mary's University in Halifax, Nova Scotia, Canada with a Bachelor of Commerce in Finance and Accounting and holds numerous financial industry designations.
Further, a total of 750,000 stock options have been granted to a director of the Company at a price of $0.70 for a period of five years, subject to regulatory approval.
By Order of the Board,
Bryce M.A. Porter
President
About EastCoal Inc.
The Company has recently changed its name to EastCoal Inc. to reflect its new strategy of developing coal operations. It is focused on the Donbass coal basin of Ukraine which has large coal reserves and excellent prospects.
EastCoal Inc. is currently developing its 100% owned Verticalnaya anthracite mine.
Verticalnaya North is described in the March 2010 NI 43-101 technical report available on Sedar (www.sedar.com) and the Company's website (www.lysanderminerals.com). It represents the first phase in the redevelopment of the Verticalnaya mine, for which a NI 43-101 technical report was prepared in September 2008 and is also available on Sedar and the Company's website. Key indicators include:
Net present value @12% US$ 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.
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For more information, please contact
EastCoal Inc.
Bryce M.A. Porter
President
604-681-8069
604-685-4675 (FAX)
www.eastcoal.ca