Atlantic Coal plc
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."
