Calgary, AB / ACCESSWIRE / July 17, 2014 / CanAm Coal Corp. (TSXV: COE) ("CanAm" or the "Company") is providing an update on its current customer contracting position.
During the first half of 2014, the Company entered into discussions with a number of customers to either renew or extend current off-take agreements. As a result of these discussions, the Company is pleased to report that it has secured significant contract extensions with several key customers for terms ranging from one to five years. With these contract extensions in place (and based on current production levels), the Company is now 95% contracted for 2014 more than 70% contracted for 2015/2016 and almost 50% contracted through 2020.
"We are very excited about this renewed commitment from our customers," said Jos De Smedt, President & CEO of the Company. "This is further evidence of the quality of our coals and the outstanding service that our team delivers on a day-to-day basis to our customers. One of the key determining factors for our customers and our business going forward is our ability to meet the EPA's new MATS emission requirements that will come into effect in 2016. These major customer commitments provide us with significant revenue certainty which allows us to continue to focus on further cost improvement opportunities, expanding our reserve base and identifying and reviewing further opportunities for growth."
For Further Information:
CanAm Corporate Office:
Jos De Smedt, President & CEO
Toll Free: 1.877.262.5888
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This news release may contain certain forward-looking information. All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. The Company does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE: CanAm Coal Corp.