Corsa Provides Sales and Production Update
TORONTO, Sept. 13, 2011 /PRNewswire/ - Corsa Coal Corp. ("Corsa") (TSXV: CSO) announces that it sold 105,000 clean tons of metallurgical coal at an average realized price of US$169 per clean ton and 42,000 clean tons of thermal coal during the three months ended August 31, 2011. For the nine months ended August 31, 2011, Corsa sold 115,000 clean tons of metallurgical coal, and 111,000 clean tons of thermal coal. Included in metallurgical coal sales was raw metallurgical coal equivalent to 37,000 clean tons sold prior to the start-up of commercial operations at Corsa's coal preparation plant in Somerset County, Pennsylvania,
Corsa's underground and surface mines produced 63,000 raw tons of metallurgical coal during the three months ended August 31, 2011. This production along with the 62,000 raw tons of coal mined during the first six months of the fiscal year and the 121,000 tons of raw coal purchased to the end of August 2011 was available as feed for the coal preparation plant.
The coal preparation plant, which began commercial operations in June 2011, processed 136,000 raw tons of metallurgical coal during the three months ended August 31, 2011 and produced 94,000 clean tons. The average recovery rate of 69%, which was lower than the expected target rate at full production of 72%, was due to start-up adjustments at the plant during June and July 2011. In August 2011, the plant achieved an average recovery rate of 73% compared with the expected target rate at full production of 72%.
Don Charter, President and CEO stated "The commencement of production from the coal preparation plant and the sales of metallurgical coal from the plant are significant milestones in the build out of our business. Our operations team is to be complimented on achieving such a quick start-up of the coal preparation plant."
Information about Corsa
Corsa's primary business is the mining, processing and selling of metallurgical coal, as well as actively exploring, acquiring and developing resource properties consistent with its coal business.
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SOURCE Corsa Coal Corp.