Atlantic Coal PLC Extension of Option (1488N)
September 26 2012 - 2:00AM
UK Regulatory
TIDMATC
RNS Number : 1488N
Atlantic Coal PLC
26 September 2012
Atlantic Coal plc/Index: AIM/Epic: ATC/Sector: Mining
26 September 2012
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Extension of option over Pott & Bannon anthracite mining
property
Atlantic Coal plc, the AIM listed open cast coal production and
processing company with activities in Pennsylvania, USA, is pleased
to announce that it has entered into an extension of its lease
option agreement ("the Lease Option") with Reading Anthracite
Company ("RAC"), an established operator in Pennsylvania's
anthracite coal industry, over the fully permitted 410 acre Pott
& Bannon anthracite mining property in New Castle Township,
Schuylkill County, Pennsylvania. Further details of the Lease
Option are contained in the announcement made by the Company on 3
January 2012.
The extension has been agreed without Atlantic Coal being
required to make any further payments to RAC. Atlantic Coal now has
until 27 March 2013 in order to exercise the Lease Option. The
US$250,000.00 escrow payment made by Atlantic Coal to RAC in
January 2012 remains held in an escrow account and is repayable to
Atlantic Coal in the event that it does not wish to exercise the
Lease Option.
Atlantic Managing Director Steve Best said, "I am pleased that
we have been able to agree an extension to the option over the Pott
& Bannon mine. This extended period will enable us to complete
our due diligence to a high standard and importantly we are making
good progress in that regard."
**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
Limited
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Limited
This information is provided by RNS
The company news service from the London Stock Exchange
END
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