Pacific Coal announces exercise of Option to Acquire the La Divisa Mine, MOU with respect to Catatumbo and Appointment of COO

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[{"type":"text","content":"\n\n\n Mar. 29, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX VENTURE EXCHANGE: PAK\n\n\nTORONTO, March 29 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK,\n formerly VGR) is pleased to announce that it has exercised its option\n to acquire the La Divisa Mine, located in the La Jagua de Ibirico\n coalfield in the department of Cesar, Colombia.\n\n\nPacific Coal S.A., a wholly-owned subsidiary of the Company, currently\n owns a 14% interest in Chianto S.A., which owns 100% of C.I. Norcarbón\n S.A, (of which 16.66% is held in trust by Alemán Cordero Galindo & Lee\n Trust (Panama)). C.I Norcarbón S.A is title owner of 100% of the mining\n rights for the La Divisa Mine (Cerro Largo). On December 16, 2010,\n Pacific Coal S.A., a wholly owned subsidiary of the Company, entered\n into an option agreement for the irrevocable and exclusive option to\n acquire the remaining 86% of Chianto S.A. for cash consideration of\n US$75 million from Valle Eden Group Inc. and Sunny Isles Holding S.A.\n This option agreement was exercised and as of today, Pacific Coal will\n retain a 100% interest in Chianto S.A., and full title to the La Divisa\n Mine property and operations.\n\n\nThe La Divisa Mine is located in La Jagua de Ibirico, a municipality in\n the department of Cesar, Colombia. There are currently two sub-contract\n open pit mine operations mining coal on the concession. Production at\n the mine has been over 300,000 tonnes of thermal coal in 2010 and has a\n forecaste...

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