Atlantic Coal PLC Result of AGM (5399G)
June 29 2012 - 10:10AM
UK Regulatory
TIDMATC
RNS Number : 5399G
Atlantic Coal PLC
29 June 2012
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
29 June 2012
Atlantic Coal plc ("Atlantic" or the "Company")
AGM Statement
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, held its
Annual General Meeting earlier today, at which all of the
resolutions proposed were duly passed. At the meeting, Atlantic's
Managing Director, Steve Best, made the following statement:
"We continue to make excellent progress at Stockton, where we
successfully completed the diversion of the railroad to allow the
working of over approximately 1.0 million tons of coal of
previously unworkable reserves. With this complete, and the
introduction of new machinery (including a Komatsu PC2000 Hydraulic
Excavator and a Reichdrill blasthole drill rig) our production
profile, efficiencies and strip ratio have been affected positively
and I am delighted to report that we are on track to produce
approximately 17,000 tons of coal during June. We anticipate that
this improved production level will continue going forward and
expect that this will in turn make a positive revenue contribution.
Additionally, we have experienced record daily production highs in
June with up to 1,000 tons produced in a day.
"At the same as looking to increase our production at Stockton,
our presence in the Pennsylvanian anthracite field ideally
positions us for growth and regional expansion is at the forefront
of our strategy. With this in mind, as previously announced, we
have acquired options over two new sites which we believe have the
potential to transform our production profile. Due diligence at
both sites continues and the Company has recently extended its
lease option over the 410 acre Pott & Bannon site (announced on
3 January 2012) for a further three months. I look forward to
updating shareholders later this year.
"I am confident that the current year will be a positive one for
the Company during which we hope to see the benefit from our
position in the US market, including through our OTC QX listing, to
build Atlantic's value and prospects."
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Stefan Olivier Cornhill Capital Limited Tel: 020 7710 9618
Hugo de Salis St Brides Media & Finance Tel: 020 7236 1177
Ltd
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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