27th Oct 2010 07:00
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
27 October 2010
Atlantic Coal plc
('Atlantic Coal' or 'the Company')
Resignation of Director
Atlantic Coal plc, the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA, announces that it has received notification from John Menzies of his intention to resign as a non-executive director of the Company with immediate effect. Mr. Menzies has decided to step down from his position as he believes that there is a potential conflict between his own interests and the interests of Atlantic Coal. This conflict has arisen subsequent to Mr Menzies joining the Board of Atlantic Coal.
The Directors of Atlantic Coal would like to thank John for his contribution during his time with the Company.
**ENDS**
For further information on the Company, please 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 |
|
Daniel Fox Davies |
Fox Davies Capital Ltd |
Tel: 020 7936 5230 |
|
Hugo de Salis |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
|
Elisabeth Cowell |
St Brides Media & Finance Ltd |
Tel: 020 7236 1177 |
Notes
Atlantic Coal Plc is an AIM listed coal production and processing company focussed predominantly on open cast mining and the processing of anthracite coal in Pennsylvania, USA. The Company's primary asset is the Stockton Colliery, a producing surface coal mine and adjacent anthracite preparation plant encompassing an area of approximately 900 hectares located in Hazel Creek in North-East Pennsylvania, which has current Proven Reserves of 4.2 million tons run-of-mine ('ROM') coal.
Atlantic Coal's strategy is to create a significant mid-tier coal company; both through the expansion of activities at the Stockton anthracite mine and identifying additional sites in Pennsylvania to build its production and resource profile, primarily by acquiring defined assets in stable, recognised, high quality coal regions. The Board has identified opportunities to expand within the region and is involved in ongoing negotiations regarding adjacent sites, with the intention of acting as a regional consolidator in the Pennsylvanian Coal Field. Expansion within the local area has the potential to minimise upfront deal costs as a result of existing and proven infrastructure, equipment, facilities and market demand.
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