April 9, 2011, VANCOUVER, BRITISH COLUMBIA -(Coal Geology)- EastCoal Inc. (TSX VENTURE: ECX) (the “Company”) has announced that Mr. John Byrne has been appointed Chief Executive Officer of the Company. Mr. Bryce Porter, formerly President of the Company has resigned for family health reasons, but will remain active on the Board of Directors.
By Order of the Board,
Kim Evans, Corporate Secretary
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.eastcoal.ca). 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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