Vista project regulatory update
VANCOUVER, Aug. 15, 2013 /CNW/ - Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL, TSX: CPT) is able to report further progress on its application for regulatory approval of the Vista project ("Vista") in Alberta, Canada. Coalspur has received a formal notice of hearing from the Alberta Energy Regulator (the "AER"), which effectively confirms that Vista is in the final stages of the application review process. Coalspur expects this to be the final step prior to the AER issuing the licences necessary for the development of Vista.
The AER has been able to issue this notice because all technical and environmental matters pertaining to Vista have been satisfactorily dealt with. Following a final review in late September, the AER will decide whether a hearing will be set down to resolve any outstanding concerns. The Company is actively engaged with the AER to complete the application process under the new regulations, which have been in effect since 17 June 2013.
Coalspur has undertaken extensive stakeholder engagement over the last two years with all parties that could be impacted by Vista. As a result of this engagement, there is strong community support for Vista, and the Company has reached agreement with a number of potentially impacted parties and been able to reduce the Statements of Concern ("SOC") lodged with the AER down to seven active SOCs. Coalspur continues to engage with parties that it believes may be legitimately impacted by Vista and is confident that its discussions will be concluded within the timeframe stipulated by the AER.
Coalspur also notes that Canadian National Railway Company ("CN") has received final approval from the Canadian Transportation Agency for construction of the planned rail line which will provide CN with access to Vista's loading site.
Coalspur's President and CEO, Gill Winckler commented: "This notification from the AER confirms that the regulatory process for Vista is now in its final stages. We are working with the AER and their revised approval process and hope to resolve the outstanding issues in a timely manner. We are disappointed that construction on Vista will not be able to commence in September 2013 as previously expected, however, our development schedule includes numerous contingencies which will allow us to maintain the capital budget and achieve first production from Vista in mid-2015 as planned, assuming that we begin construction later this year."
No regulatory authority has approved or disapproved of the information contained in this release.
This release contains forward-looking information concerning Coalspur. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are statements of forward-looking information. Although the Company believes that such forward-looking information is based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from the forward-looking information. Factors that could cause actual results to differ materially from the forward-looking information, include but are not limited to: risks associated with funding requirements for Vista development; fluctuations in coal prices; uncertainties related to the availability of future financing; risks related to Coalspur's existing credit facility, risks associated with take or pay commitments with Ridley Terminals, risks associated with the need for governmental licences, permits and approvals, uncertainties related to aboriginal rights claims and multiple mineral development, and uncertainties related to general economic, market and business conditions. For more information on Coalspur, investors should review Coalspur's continuous disclosure filings that are available at www.sedar.com and www.asx.com.au.
SOURCE Coalspur Mines Limited