Pacific Coal Announces Resignation of CEO, Appointment of Executive Vice President and COO and Sale Of BACF Interest
TORONTO, Oct. 9, 2012 /PRNewswire/ - Pacific Coal Resources Ltd. (TSXV: PAK) announced today that the Company's Chief Executive Officer, Mr. Luis Carvajales, has tendered his resignation, effective immediately. The Company would like to thank Mr. Carvajales for his service and valuable contribution to the Company and wishes him well in his future endeavours. The duties of the Chief Executive Officer will be assumed by the Company's recently appointed Executive Chairman, Mr. Hernan Martinez (see press release dated September 7, 2012).
The Company is pleased to announce the appointment of Mr. Luigi Salemi Nieto as the Chief Operating Officer of the Company and Mr. Ricardo Plata as the Executive Vice-President of the Company, effective immediately.
Mr. Salemi has over 25 years of professional experience in open pit and large scale mining, and has achieved excellent results in the continuous improvement of production processes. He has been providing advisory and consulting services in respect of open coal mines in various departments in Colombia and has held senior managerial positions, including being the Mine Director for Operacion Minera Siglo XXI S.A. (OPM S.A.), a mine operator used by the Company. Mr. Salemi holds a civil engineering degree from the Universidad La Gran Colombia in Bogota, Colombia.
Mr. Plata has over 20 years of corporate management experience in national and international trade, public affairs and information systems working with national and multinational corporations. He has held the position of Executive Director for Fundacion para el Desarrollo del Caribe Colombiano (FUNDESARROLLO), which provides support to the Colombian Chamber of Commerce by carrying out economic and social studies and monitoring of public policies. He has also held several senior managerial positions at International Colombia Resources Corporation, which is the operator of the Cerrejon Coal Project (the largest mining operation in Colombia). Mr. Plata holds a Computer and Systems Engineering Degree from the Universidad de los Andes in Bogota, Colombia and a Masters of Philosophy in Latin America Studies from Oxford University. He has also been a director on the board of directors for several organizations, including Transmetro, the public transportation system in Barranquilla, Colombia and the regional office of the Colombian Industrial Association.
Sale of BACF Interest
In conjunction with the above, the Company wishes to announce the sale of its 5% equity interest in Blue Advanced Colloidal Fuels Corp. (formerly known as Bioenergy International Inc. (BIOINT)) to Pacific Rubiales Energy Corp (PRE) for cash consideration of US$5,000,000. This transaction is a related party transaction due to the ownership by PRE of 14.35% of the Company's shares and as such, was negotiated at arms-length.
As previously announced, the equity interest was originally acquired by the Company pursuant to an investment option agreement by and among the Company, Alpha Ventures Inc., Nano Dispersions Technology Inc. and Blue ACF (see press release dated April 6, 2011). In addition to transferring its 5% equity interest in Blue ACF, the Company has assigned to PRE the right to acquire up to an additional 5% equity interest in Blue ACF for an additional investment of up to US$5,000,000. The Company shall continue to retain an option to acquire up to a 10% equity interest in Blue ACF by investing up to US$10,000,000.
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:
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.
SOURCE Pacific Coal Resources Ltd.