Coal

[RandyKCMO]

Micro-cap coal producer American Resources files for a $9 million Nasdaq IPO

February 06, 2019, 08:20:00 AM EDT

American Resources, a Kentucky-based producer of metallurgical coal, filed on Wednesday with the SEC to raise up to $9 million in an initial public offering on the Nasdaq. The company is currently listed on the OTC Pink under the symbol AREC.

The Fishers, IN-based company was founded in 2013 and plans to list on the Nasdaq under the symbol AREC. Maxim Group LLC is the sole bookrunner on the deal. No pricing terms were disclosed.
The article Micro-cap coal producer American Resources files for a $9 million Nasdaq IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

https://www.nasdaq.com/article/micro-cap-coal-producer-american-resources-files-for-a-9-million-nasdaq-ipo-cm1094243

IHUB Board: https://investorshub.advfn.com/boards/board.aspx?board_id=35910

[stockexp]

Met coal demand expected to continue to increase this coming year look for smaller companies with high yield to make to most out of it. Check out Cobalt Coal (ccf) on tmx.v exchange, it has just recently released some great acquisition news and the return on this Is huge its setting near the 52 week low right now.

[mlkrborn]

Is this the SOCI u r talking about?
http://investorshub.advfn.com/Southern-Energy-Company-Inc-SOCI-10645/

[mlkrborn]

who is behind these guys? why best?

[mlkrborn]

up-down ; how is everything? what is happening with building/housing sector and builders?

mlkr

[the cork]

Best Coal play for the money PRPCF Prophesey Coal (.40)

PRPCF Prophesey Coal (.40) Producing Coal now. 1.4 billion tons of coal, sea port facilities, rail agreements in place, new fleet of trucks, selling all coal produced, building 600 MW power plant on mine property. At full capacity will sell electric production to domestic and foreign markets (like utility), Shareholder rights plan. Located in emerging Mongolia.

Website: http://www.prophecycoal.com/index.php
Pink Sheets: http://www.otcmarkets.com/stock/PRPCF/quote
IHUB: http://investorshub.advfn.com/boards/board.aspx?board_id=18439


img]stockcharts.com/c-sc/sc?s=prpcf&p=d&yr=1&mn=0&dy=0&id=p35387358240[/img]

[humblehawk]

Doesnt look so good here.


Currently, there is TMEN (aside from water technologies)

**management is unaware of any other primary combustion technology currently available or nearing commercial deployment capable of achieving zero air emissions as well as capturing greater than 95% of carbon dioxide.

you can find more info @

www.thermoenergy.com

And ICO has almost doubled..looking good..imo

[nofreelix]

clean coal tech on the rise huge gains to be had cctc watch it!!!!

[humblehawk]

Without a High Price on Carbon, Energy Ministers' Wish for 'Clean Coal' Boom is Elusive



At meeting in Asia, expectation of a long future for coal as a primary energy source
by Stacy Feldman - Jun 23rd, 2010
in

* APEC
* Asia-Pacific Economic Cooperation
* Carbon Capture and Sequestration
* CCS
* clean coal
* climate change
* Fukui Declaration
* global warming

Last week energy ministers from the Asia-Pacific region convened at a hotel in Fukui, Japan to detail what it is that they should do to increase cleaner energy supply and energy security in their nations. As expected, carbon capture and storage (CCS) technologies figured prominently on their wish list. The big hurdle remains how to pay for a CCS boom that would be massively expensive.

CCS, also called "clean coal" by industry groups, works by catching carbon dioxide from power plant smokestacks and injecting it under the earth's surface. It remains a divisive and speculative technology option, particularly since it has been slow to get off the ground and has proved expensive to deploy. Environmental groups see it as a stalling technique to prop up coal in a carbon-constrained world.

The promise of CCS is far from being realized and on-the-ground results have been disappointing. The Group of Eight (G8) industrialized nations set out a goal in 2008 to build 20 large-scale CCS plants this year. To date, five such facilities are operating in the U.S., Canada, Algeria and Norway, but all were commissioned before the G8 summit. Four of the five inject CO2 from natural gas production facilities, not coal.

But the 21 members of the Asia-Pacific Economic Cooperation (APEC) — which cover about two-thirds of the world's energy demand and include the U.S. and China — are laying out plans to change that, and everyone seems to agree that they're going to need a very high price on carbon to succeed.

While APEC's Fukui Declaration called generally for more carbon-free energy staples — solar, wind, fuel-efficient cars and energy efficiency — it urged "redoubled efforts to develop and deploy" CCS, as a way to clean up the coal-fired pollution that is expected to continue for years to come.

"Fossil fuels will continue to play a key role in the APEC energy market as economies develop new and unconventional energy sources," the nations declared.

"Cost-effective technologies for carbon capture and storage (CCS) are essential to reducing carbon emissions from power generation within the many APEC economies that still rely on coal and other fossil fuels for a significant portion of their electricity generation."

That belief in the persistence of coal is backed up by industry statements, at least in the U.S., the world's second largest producer of the fossil fuel source. According to a recent poll of electric utility participants by Black & Veatch, a Kansas-based engineering consulting firm, 77 percent of those surveyed said coal has a long future ahead of it.


Turn Away from Coal Not Until 2050

Andy Byers, the in-house expert on government policy regarding environmental regulations at Black and Veatch, told SolveClimate that the industry sees 2050 as the turning point when the transition away from coal will be made. In other words, "We're going to have generation of fossil fuel combustion around for quite some time," he said.

But the question remains: Can CCS be expected to at least control much of that new coal pollution?

In the U.S., Byers said, it is a question of passing federal legislation that would limit greenhouse gas emissions. "A price on carbon would certainly be probably the best driver." In the absence of that, he added, "it's a whole lot of carrots out there trying to lead people down the line. The "stick" is "what's going to allow the industry to take off."

"Right now in the United States ... all we're really doing is providing incentives, usually from the federal level and primarily from the stimulus act, to allow the research and development to proceed," he said.

Tom Guenther, a project manager with Black & Veatch's power generation services group who works directly with CCS, said the technology, at least, is not a huge hurdle at this stage.

"The technology for sequestration is perhaps lagging the technology for capture somewhat, although sequestration as part of enhanced oil recovery is already being practiced. There is also ongoing research to find newer capture methods that may improve efficiency and reduce cost," he told SolveClimate.

It's a similar story worldwide, supporters say. A deployment boom on the scale envisioned by the G8 is technologically "achievable," but it's crunch time now on incentives, according to a new report released last week from the Paris-based International Energy Agency (IEA).

"Heightened urgency on the part of all stakeholders is needed to realize the number of large-scale projects that constitute the critical first steps in the deployment of CCS," according to the report, "Carbon Capture and Storage: Progress and Next Steps." Its findings will be presented at the next G8 meeting in Toronto, Canada on June 25-26.

A high-enough price on carbon must be introduced immediately and be applicable in both poor and rich nations, the IEA said.

"Recently, the price level in CO2 markets [in the EU Emissions Trading System] was in the range of USD 15 to USD 35 per ton of CO2," said the IEA. That's “insufficient to make CCS competitive employing today's technology."

High Price on Carbon Needed for CCS Deployment

Meanwhile, efforts to enact cap-and-trade schemes that would establish a carbon price signal in the U.S., Australia and Japan have all been sidelined so far this year.

For CCS to make "economic sense" now in the U.S., estimates range from $50 to $80 per ton of carbon, Byers said. The price of carbon under the Kerry-Lieberman American Power Act, a cap-and-trade bill now stalled in the Senate, "would take quite a while" to rise up to that level.

Under that bill, however, other incentives would exist to give CCS a boost. For instance, every new power plant that gets built would be required to achieve a reduction in greenhouse gas emissions of at least 50 percent through 2019. After 2020, the industry must reach a 65 percent reduction for its facilities.

The IEA report said that without CCS, the economic costs of staving off catastrophic climate change would increase by 70 percent.

And despite the call to action from the agency, it said "significant progress has been made," citing the $26 billion of public money that has been committed by governments, as well as announced intentions to construct between 19 and 43 large-scale demonstration projects by 2020. The study also said 80 plants are on the drawing board in various stages across the world, with seven in developing countries, mainly China and the Middle East.

100 Plants by 2020

Around 100 plants would have to be up and running by 2020, however, to have a meaningful impact in containing carbon output, IEA said. And about half of those would need to be built in developing nations.

To date, the most "notable efforts" can be found in the U.S., Canada, the EU and Australia, the IEA said.

Currently, efforts to plough research dollars into CCS R&D in the U.S. and Canada are on par with those in the EU, but the big difference is that "Europe has a regulatory driver," said Byers.

The U.S. stimulus package included $2.4 billion for carbon capture and storage projects. The American Power Act includes $2 billion each year to give the sector a boost.

While climate change legislation could be a year or two away at best, the Environmental Protection Agency could step in sooner and require the fossil fuel industry to install carbon controls, analysts say.

"The EPA now has the authority to regulate greenhouse gases," said Byers. "They could step in certainly on new power plants and start requiring as part of best available control technologies the installation of carbon capture."

However, from an industry perspective, one thing that is unlikely to make electric utilities in the U.S. move is the BP oil gusher, the nation's worst environmental disaster, Byers said. That's despite the rhetoric from Washington that the calamitous spill should spur the development of new energy technologies, such as CCS, and force a rethink of the fuels of the future.

"You can hear those correlations being made in the halls of Congress, but I'm not sure that we're really having such a direct impact here in the industry."










http://solveclimate.com/blog/20100623/without-high-price-carbon-energy-ministers-wish-clean-coal-boom-elusive

[humblehawk]

ICO could be a good coal play...imo

[Democritus_of_Abdera]

Coal Outlook per Joy Global’s Jun 2009 CC

JOYG depends upon coal mines for purchase of its heavy equipment; it watches the coal industry carefully. JOYG’s statements regarding the current and near future state of the coal industry in its recent June 3 CC were:

US coal production could be down 9% from last year. If so, it would be the largest reduction in coal consumption since 1954 and the largest drop in coal production since 1958. This would require taking 90 to 100mm tons of production offline, of which around 70mm tons have already been announced. With quick production cuts matching demand decline, JOYG expects US coal prices to stay above the average cost of production, but not by enough to justify expansion.

JOYG expects natural gas surpluses in the US to deplete rapidly without drilling, and drilling requires gas above $7. This equates to Central Appalachian coal prices above 70 to $80 per ton coal.

China has increased its imports of metalurgical coal significantly as part of its rebuilding of steel inventories. Sustained demand from China for copper, iron ore and met coal will require significantly increased exports or a stronger recovery in the domestic markets. This level of demand is unlikely to develop soon. Consequently, the need for metalurgical coal in China is likely to be short lived.

China has a renewed emphasis on mine safety trigged by a large mine explosion that killed a number of miners in the Shanxi province. Shanxi province just shut down all of their mines until they go through safety inspections. That’s been a fairly torturous process. Many of those mines won’t be able to pass the safety regulations and won’t come back on-line. In China, about half the country’s coal production is produced by these small mines. On the other end of the extreme the large, state-owned mines, have been expending rapidly, but they have not been able to grow fast enough to offset the impact of closure of the small mines for safety violations. There are more pressures on the provincially owned and some of the mid-tier mines to increase their production in China.

[Xplosivestocks]

SOCI will produce coal to help supply energy to Chile

http://www.bloomberg.com/apps/news?pid=20601086&sid=aI3qYSsVJbgU&refer=latin_america

[Xplosivestocks]

SOCI could be sitting on a huge coal bonanza

Lota Bay Coal Mine Exploration in Chile
March 12th, 2009 Lota was a major coal-mining centre in southern Chile, situated on the Golfo (gulf) de Arauco. Although the city of Lota was founded in 1662, sustained development of coal mining did not begin until 1852, when the industrialist Matias Cousino started a coal-mining enterprise. Completion of a railway from Concepcion, 32 km north, in 1888 stimulated growth. In the 1990’s Lota’s coal resources became exhausted and cheaper Colombian coal began to compete in the market causing the coal mines to close after 145 years of continuous operations.

Over the 145 year span of Lota coal mine operation, many tons of coal was dumped or spilled into the harbor. Most of the spilled coal resulted from primitive shipping and conveying practices that were in use over the last 145 years.

In March 2006 a drilling test was performed in this area. The net results of these tests show 275,000 proven tones of recoverable bituminous thermal coal in the harbor with probable reserves of 90,000 tons. The coal within the boundaries of the concession is a layer averaging 2.26 meters in thickness in 10 meters of water with 1.7 meters of overburden.

Ms. Latapiat acquired the rights to remove the Lota coal through a Minor Maritime Concession On A Section Of The Sea Floor from the Chilean Government on August 20, 2008. As outlined above, Southern Energy has entered into an agreement with Ms. Latapiat to acquire this interest.

The operational plan is to dredge up the coal and process it in an adjacent industrial site. Lota has grid power, water, sewage, road and rail access. The coal will be marketed to nearby coal burning thermal electric generating plants which currently have to import to meet the growing electrical demands.

The projected economics is based on the current price for coal in Chile of $60 per ton. This price reflects the demand for coal in Chile as 84% of Chile’s electrical production is from coal fired generation plants. At a median price of $60 per ton, the gross value of the project is $21.9 million, and with dredging and recovery costs of approximately $30 per ton, the gross profit is $11 million for the two year operating period

[Xplosivestocks]

Southern Energy Announces the Acquisition of the Lota Bay Coal Concession

SANTIAGO, Chile, Mar 10, 2009 (GlobeNewswire via COMTEX) -- Southern Energy Company, Inc. (Pink Sheets:SOCI), a publicly traded resource exploration company, is pleased to announce that it has entered into a definitive agreement to acquire the Lota Bay coal concession located in Lota, Chile. Under the terms of the agreement, the Company will pay to the seller, Ms. Maria Latapiat, a total of $8,000,000, consisting of 5,000,000 shares of restricted common stock at a deemed price of $1.50 per share and a cash payment of $500,000, payable on or before March 31, 2009.
About the Lota Bay Coal Concession

Lota was a major coal-mining centre in southern Chile, situated on the Golfo (gulf) de Arauco. Although the city of Lota was founded in 1662, sustained development of coal mining did not begin until 1852, when the industrialist Matias Cousino started a coal-mining enterprise. Completion of a railway from Concepcion, 32 km north, in 1888 stimulated growth. In the 1990's Lota's coal resources became exhausted and cheaper Colombian coal began to compete in the market causing the coal mines to close after 145 years of continuous operations.

Over the 145 year span of Lota coal mine operation, many tons of coal was dumped or spilled into the harbor. Most of the spilled coal resulted from primitive shipping and conveying practices that were in use over the last 145 years.

In March 2006 a drilling test was performed in this area. The net results of these tests show 275,000 proven tones of recoverable bituminous thermal coal in the harbor with probable reserves of 90,000 tons. The coal within the boundaries of the concession is a layer averaging 2.26 meters in thickness in 10 meters of water with 1.7 meters of overburden.

Ms. Latapiat acquired the rights to remove the Lota coal through a Minor Maritime Concession On A Section Of The Sea Floor from the Chilean Government on August 20, 2008. As outlined above, Southern Energy has entered into an agreement with Ms. Latapiat to acquire this interest.

The operational plan is to dredge up the coal and process it in an adjacent industrial site. Lota has grid power, water, sewage, road and rail access. The coal will be marketed to nearby coal burning thermal electric generating plants which currently have to import to meet the growing electrical demands.

The projected economics is based on the current price for coal in Chile of $60 per ton. This price reflects the demand for coal in Chile as 84% of Chile's electrical production is from coal fired generation plants. At a median price of $60 per ton, the gross value of the project is $21.9 million, and with dredging and recovery costs of approximately $30 per ton, the gross profit is $11 million for the two year operating period.

About Southern Energy Company, Inc.

Southern Energy Company, Inc. is a publicly traded resource exploration company. From 2007 to the present the company has been active in seeking out resource opportunities in North and South America to explore, develop, and produce. The Company is currently focused on the acquisition, exploration and development of coal, gold and silver properties throughout South America.

Please visit http://www.southernenergycompany.com for more information.

[sumisu]

Weststar Confirms Saskatchewan Coal in Drill Core

Wednesday March 18, 2009, 3:01 am EDT

http://finance.yahoo.com/news/Weststar-Confirms-ccn-14672685.html

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 18, 2009) - Weststar Resources Corp. (TSX VENTURE:WER - News; FRANKFURT:HN3 - News; the "Company") is pleased to provide an update on the first phase of drilling on the Company's Tobin Lake Coal Prospect located 70 kilometers northwest of the coal discovery of Goldsource Mines Inc., near the community of Hudson Bay, Saskatchewan.

Photos of drill core can be viewed on the Company website at http://snipurl.com/e06kw.

To date, three locations each about 1 km apart, have been drill tested by 3 rotary holes and 2 core holes. The three locations contain appreciable quantities of coal, over a wide area, summarized as follows:

- Site A at the original coal discovery, a coal zone, over 13.8 m was intersected in drill core.

- Site B located 1 km to the south, a coal zone about 5.35 m was interpreted from geophysical logs, and core.

- Site C located 0.7 km to the west of B, a coal zone about 7.90 m was interpreted from geophysical logs.

Drilling equipment complications impeded the recovery of the coal zones, and the completion of appropriate geophysical logging. The aforementioned thicknesses are based on partially completed holes.

At Site A, historic drilling by Consolidated Pine Channel Gold Corp., intersected a coal zone, 18.84 m thick, as follows:

- 47.70 metres to 55.32 metres (7.62 metres): coal, massive;

- 55.32 metres to 66.54 metres (11.22 metres): coal breccia, from 20 to 60 per cent angular coal clasts, mixed with varying amounts of clay, silt and sand. Neither the rank nor the grade of the coal was determined. Core recoveries in the coal intersection were as low as 15 per cent, and average less than 50 per cent for the 7.62-metre interval. Hence, the massive nature of the coal as stated in the drill log may not be accurate.

During 2009, one rotary holes and one core hole were completed at this site. The core hole, was abandoned at 62.6 m, or approximately 4 m shallower than the lowest coal intersection observed in the historic "18-m Hole", due to drilling equipment problems. The results of this hole are summarized, as follows:

- 47.90 to 48.80 metres (0.90 metres): no recovery;

- 48.80 to 50.00 meters: coal

- 50.00 to 51.20 meters: sand parting

- 51.20 to 53.90 meters: coal

- 53.90 to 55.40 meters: no recovery

- 55.40 to 57.00 meters: coal with coal breccia;

- 57.00 to 59.60 meters: coal with coal breccia;

- 59.60 to 60.50 meters: no recovery;

- 60.50 to 61.10 meters: sand parting;

- 61.10 to 62.60 meters: coal with coal breccia;

- 62.60: hole abandoned within coal zone

Core recovery within the coal zone averaged 85%. In addition, partially completed downhole geophysical logs, suggest a number of additional coal horizons between 38.5 and 50 meters.

At Site B, about 1 km south of Site A, drillholes TL09-002 (rotary hole) and TL09-003 (core hole) were drilled on the same pad. Similar drilling conditions were encountered with these holes, resulting in poor core recovery (49.7% recovery) obtained in the cored interval (42.67 to 54.80 meters) of TL09-003. Core recovered consists of coal, shaley coal, and carbonaceous sand. Down-hole geophysics suggests a coal zone 5.35 m thick, from 45.40 to 50.75 meters, with up to 4 individual seams. This hole was not completed due to difficult drilling conditions with geophysics suggesting the potential remains for a thicker sequence of coal.

At the third location, Site C, located about 720 m west of Site B, drillhole TL09-004 encountered similar conditions. Down-hole geophysics suggests a coal zone 7.90 meter thick, between 31.75 and 39.65 meters, with up to 3 seams. This has yet to be verified by core drilling.

All samples of core will be forwarded to Loring Laboratories Ltd. in Calgary, Alberta for proximate coal analysis and results will be announced when received.

The Company is confident that a well prepared drill contractor, with appropriate equipment, can obtain good core recoveries during the Phase II drill program. The 2009 exploration successfully demonstrated the presence of appreciable quantities of coal over a wide area near Tobin Lake. A regional exploration technique of airborne electromagnetic is planned for the entirety of the property in order to target further drill locations during the phase II drill program, which is scheduled for summer months. Sites located further to the southeast of the recent drilling, can be accessed year round.

Company president, Mitchell Adam states, "Although the drilling conditions and type of rig used were not ideal, we were very pleased to reconfirm the historic coal intersection from the 1994 drilling and to further intersect a coal zone a kilometer to the south. The similarity in depth of the two core holes bodes very well for the future drilling and extrapolation of a continuous coal seam within the Tobin Lake property. We are also very encouraged to return with the second phase of drilling to further delineate the extent of the seams and potentially determine an indicated resource on the property."

The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Jody Dahrouge, PGeol., of Dahrouge Geological, a qualified person.

About the Company: Weststar Resources Corp. (TSX VENTURE:WER - News) is a mineral exploration company focused on discovering and advancing mineral properties by utilizing modern geological science to evaluate historical known discoveries. Weststar's portfolio is currently focused in Canada and is primarily invested in coal properties with known historical coal discoveries. The Company's Saskatchewan Tobin Lake 18 Meter coal property is currently the main focus of exploration activity. For further info on the Company please visit http://www.weststarresources.com or email [e-mail].

On Behalf of the Board

Mitchell Adam, President

Weststar Resources Corp.

WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release.

Contact:
Mitchell Adam
Weststar Resources Corp.
President
[phone]
[phone] (FAX)
Email: [e-mail]
Website: http://www.weststarresources.com

[up-down]

U.S. court overturns ban on W. Va surface mining
Fri Feb 13, 2009 4:14pm EST

By Steve James

NEW YORK, Feb 13 (Reuters) - A U.S. Court of Appeals on Friday overturned a lower court ruling that had banned surface, or mountaintop, mining in West Virginia, according to court documents.



The ruling was hailed by the coal mining companies who have turned to mountaintop mining as an economical alternative to traditional underground mines in Appalachia where production is declining.

The environmentalists who brought the original case said they would assess their next legal move, but vowed to fight on against the mining method which basically slices the top off hills and mountains.

Stock in Massey Energy Co (MEE.N) which brought the appeal with the U.S. Corps of Engineers, was up 7 percent in late trading on the New York Stock Exchange.

The 4th Circuit judges in Richmond, Virginia, reversed a ruling by U.S. District Court Judge Robert Chambers, who had found that the U.S. Army Corps of Engineers had not fully evaluated the potential environmental damage before approving permits for mountaintop mining for four mines operated by subsidiaries of Massey.

"We reverse and vacate the district court's opinion and order of March 23, 2007, and vacate the district court's injunction," Friday's opinion said.

It said that under existing regulations, the state of West Virginia has "exclusive jurisdiction over the regulation of surface coal mining and reclamation operations."

The appeal had been brought by Massey and the West Virginia Coal Association. Surface mines account for about one-third of coal from West Virginia and half of that from Kentucky.

"We're pleased with the court's decision," said Roger Hendriksen, director of investor relations for Massey.

Judge Chambers had originally ruled in favor of a petition filed by a number of groups led by the Ohio Valley Environmental Coalition. (OVEC) http://www.ohvec.org

Basically, OVEC contended that the Corps of Engineers had violated the Clean Water Act and the National Environmental Policy Act. Since then, the Corps has effectively frozen so-called 404 permits for surface mining.

Janet Keating, executive director of OVEC said: "We are deeply disappointed with the court's decision. We will assess our next step, but obviously we will continue to organize against surface mining."

In their ruling the appeals judges said basically that the Corps of Engineers had acted within regulations in place. "We cannot say that the Corps' assessments of stream functions in the challenged permits were arbitrary and capricious.

"It is not our place to dictate how the Corps should go about assessing stream functions and losses," they said.

Analysts had said if the ruling was upheld, Appalachian coal prices could spike and producers with a significant amount of surface exposure in Appalachia could get hurt.

Several mining companies -- Massey, International Coal Group (ICO.N), Alpha Natural Resources (ANR.N) and Patriot Coal Corp (PCX.N) -- would lose production if the ruling went against the miners, the analysts said.

One analyst Mark Morey, director of power systems strategy for Allstom Co Ltd said investors might hold off until the issue had been definitively resolved.

"Decisions like this are long term, so if you have any uncertainty, that's still gonna guide what your investment is.

"Does this 'overturn' mean they can have a whole new round of capacity? People have been thinking this decision might be held up anyway so they've been making decisions for the past two years with this hanging over their heads." (Reporting by Steve James; editing by Carol Bishopric)

http://www.reuters.com/article/marketsNews/idAFN1354011620090213?rpc=44

[up-down]

Coal and the "Edward Scissorhands" Dilemma
By Christopher Barker
February 13, 2009 |

The aptly named protagonist in director Tim Burton's Edward Scissorhands could trim a hedge like nobody's business. Given the incredible volatility the commodities sector witnessed in 2008, the trillion-dollar question for 2009 could be whether companies should be trimming hedges, or keeping Edward Scissorhands at bay.

Conveniently, two coal-mining companies with operations in Appalachia delivered earnings this week that open a window onto this important consideration.

Foundation Coal Holdings (NYSE: FCL) recorded a 425% increase in net income year over year, earning $42.1 million. Revenue rose 27% to $454 million, and although overall production fell marginally to 17.8 million tons, the company highlighted a 28% increase and record production at its Northern Appalachian mines. Under the circumstances, the quarter was a resounding success.

International Coal Group (NYSE: ICO), meanwhile, revealed a loss of $37 million, despite its own 26% increase in fourth-quarter revenue. Even after adjusting for goodwill impairment charges and mine closure costs, International Coal Group would have lost $13.1 million.

Quite unlike Peabody Energy (NYSE: BTU) spinoff Patriot Coal (NYSE: PCX), which indicated this week that it seeks to renegotiate underpriced coal contracts relating to the company's purchase of Magnum Coal last year, Foundation Coal Holdings CEO James Roberts boasted that his company is heavily hedged at favorable coal prices. A full 97% of 2009 production has already been priced, with most contracts inked before the severe coal price declines during the last three months of 2008.

International Coal Group, on the other hand, faces slightly more spot market risk, with 92% of planned shipments priced at an average of $61 per ton. Similarly, CONSOL Energy (NYSE: CNX) has committed to sell 95% of planned 2009 production at $61.56 per ton. Each of these miners has achieved price protection to a similar degree, in stark contrast to a miner like Arch Coal (NYSE: ACI). Arch has the most unpriced tonnage in the industry, at 14 million to 18 million tons, or about 11%-14% of its estimated production for 2009.

Given dire economic projections for 2009, the miners with less spot market risk might indeed celebrate these forward contracts over the coming quarters. If, however, the combined impact of rapidly contracting industrial production and global stimulus efforts produce a resumption of coal demand that's more swift than many expect, then a lightly hedged miner like Arch Coal could in fact have the last laugh. Despite this possibility, both Foundation Coal Holdings and International Coal Group offer a safer road forward.

http://www.fool.com/investing/general/2009/02/13/coal-and-the-edward-scissorhands-dilemma.aspx

[up-down]

International Coal Group, Inc. Announces Credit Facility Amendment

Friday February 20, 2009, 3:50 pm EST

SCOTT DEPOT, W.Va., Feb. 20 /PRNewswire-FirstCall/ -- International Coal Group, Inc. (NYSE: ICO) today announced it has entered into an amendment of its $100 million credit facility to ease certain debt covenants during 2009.

The Company sought the amendment from its lending group because it anticipated risk of noncompliance in the first half of 2009. The potential for noncompliance stemmed from tightening of covenant requirements effective January 1, 2009, and weaker-than-expected fourth quarter 2008 performance exacerbated by customer deferrals of higher-priced metallurgical coal shipments.

The Company currently has $26.4 million in borrowing capacity available under the credit facility, with $73.6 million currently used for letters of credit issued to support the Company's reclamation bonds.

"We are pleased to have reached an agreement with our banks to address short-term tightness in our debt covenants," said Ben Hatfield, ICG's President and CEO. "We expect to be in full compliance with our covenants going forward and believe ICG is positioned to deliver significantly stronger financial performance in the coming year."

http://finance.yahoo.com/news/ICG-Announces-Credit-Facility-prnews-14427792.html

[up-down]

Coal industry group predicts lower production

Coal industry group predicts 4 percent production decline due to weak economy
Thursday February 19, 2009, 6:29 pm EST

CHARLESTON, W.Va. (AP) -- The National Mining Association is predicting U.S. coal production will decline 4 percent this year. Hal Quinn, president of the industry group, blamed the anemic U.S. economy in a speech to the West Virginia Coal Association on Thursday. Preliminary government figures show U.S. production totaled 1.17 billion tons in 2008.

The Washington, D.C.-based trade group expects electricity demand to dip less than 1 percent this year as industrial customers scale back. Quinn says electricity demand is expected to grow 1.3 percent in 2010 as the economy rebounds.

As a result, production of utility coal is expected to dip 1.2 percent. Production of coking coal for firing blast furnaces is expected to fall 11 percent due to plunging demand for steel.

Quinn says exports likewise are expected to drop 11 percent. Soaring international demand pushed exports up 38 percent in 2008.

http://biz.yahoo.com/ap/090219/coal_production_outlook.html?.v=2

[Democritus_of_Abdera]

Summary of Coal Industry in BUCY Feb CC

Timothy W. Sullivan, President and Chief Executive Officer of Bucyrus, a mining equipment manufacturer, summarized the coal industry’s current status in the following way:

“[Regarding] ... Asian ... coking coal. That inventory has not been worked down yet to replenishment levels. I did say that pricing has found its bottom, I believe that to be true, ... So we are reasonably bullish about the situation there as far as pricing being well above a cash cost to produce those commodities, which obviously bodes well for stabilizing the commodity producers and then hopefully our business as we move forward.”

“I think one positive that came out of the discussions I had last week in China is that the Chinese stimulus package seems to be hitting the mark, ... Their impetus and what they’re trying to achieve with the stimulus package is to continue with their infrastructure needs; roads, railroads, power plants, they’re all being built, nothing has slowed down as far as their infrastructural spend and they’re obviously trying to create stronger consumerism – domestic consumerism with their export markets faltering, not the least of which is the U.S. market.”

“The U.S. market is a little bit less certain .. power demand is off by about a percent and a half, but coal production is also off by a little bit more than a percent and a half, and this is obviously good, it just continues to show the discipline that we do have in the commodity market, not only internationally, but also domestically. ...Inventories are a little high on coal around the United States obviously because of the demand being down, but if production continues to be less than demand as we move through 2009, I see a stabilization of supply and demand on the coal side of the business.”

“... we had a very large booming activity in Central Appalachia, primarily due to the export demand that was generated by the fact that countries like India were importing a lot more coal from traditional suppliers of coal to the European market primarily South Africa. So as that South African coal started to move to India, it created opportunities for East Coast producers of coal and particularly in Central App and those mines were able to find some very lucrative export markets in 2008, we don’t see that happening in 2009. And I think that that will probably affect Central App more than any other region in the country. It could affect to a much lesser extent, but could affect Northern Appalachia mines as well ...”

[up-down]

Environmentalists Win Big EPA Ruling

By Bryan Walsh Thursday, Nov. 13, 2008Smoke and steam vapor pour out of the coal-fired Bruce Mansfield Power Plant over a nearby residential area of Shippingport, Pennsylvania, in September 2008
Robert Nickelsberg / Getty Images

Environmentalists have long known that when it comes to climate change, coal will be a dealbreaker. The carbon-intensive fossil fuel provides nearly half of the United States' electricity, and is responsible for some 30% of the country's greenhouse gas emissions. That's just due to the coal plants already operating -- as the U.S. looks to expand its energy supply to meet rising demand in the future, over 100 coal plants are in various stages of development around the country. If those plants are built without the means to capture and sequester underground the carbon they emit -- and it's far from clear that such technology will be commercially viable in the near-term -- our ambitious goals to reduce greenhouse gas emissions and avert climate change will be meaningless.

That's why a decision issued on Thursday by the Environmental Protection Agency's (EPA) Environmental Appeals Board is so important. Responding to a lawsuit filed by the Sierra Club over a new coal plant being build on American Indian reservation land in Utah, the board ruled that the EPA has no valid reason to refuse to regulate the CO2 emissions that come from new coal-powered plants. The decision pointed to a May 2007 ruling by the Supreme Court that recognized CO2, the main cause of climate change, is indeed a pollutant under the federal Clean Air Act and therefore needs to be regulated by the EPA. In the months since that landmark decision, the EPA -- with the support of the Bush Administration -- has doggedly refuse to regulate CO2, much to the dismay of environmentalists. The board's decision will force the EPA to consider CO2 when issuing permits for new power plants, potentially making it -- at least in the short-term -- all but impossible to certify new coal power plants. That's because the EPA will need to reconfigure its rules on dealing with CO2, which is found in greater concentrations in coal than any other fossil fuel, that force plants in the permitting process to be reevaluated, delaying them for months or longer. "In a nutshell it sends [new plants ]back to the drawing board to address their CO2 emissions," says Bruce Nilles, director of the Sierra Club's National Clean Coal campaign. "In the short term it freezes the coal industry in its tracks." (See TIME's special report on the environment.)

The Sierra Club had originally sued to stop the construction of Deseret Power's Bonanza Generating Station in Vernal, Utah, part of their nationwide campaign to stop new coal. The 110-megawatt plant, which received its EPA permit in July 2007, would have emitted 3.37 million tons of CO2 a year -- the equivalent to putting another 660,000 cars on the road. In detail, Thursday's decision means that any new air pollution permits for coal plants will require that Best Available Control Technology (BACT) be used to reduce CO2 emissions, the same criteria currently used for other pollutants, like sulfur dioxide or soot. BACT requires companies involved in power plants to use the best available technology to control pollutants -- it's a tool to keep pollution controls up to date as both safety technology and our understanding of pollution impoves. In the past, CO2 wasn't affected by BACT because the EPA didn't recognize it as a pollutant. This decision changes that.

Right now, however, there is no definition of BACT for CO2, and environmentalists estimate it will take six months to a year to figure that out. In the meantime, all other coal plants in the permitting process, or stuck in the courts, will be frozen. Over the longer term, it's possible that new coal plants may be impossible to certify at all until a technology exists to greatly reduce or sequester carbon emissions from coal plants -- and currently none has been proven. "The decision says the EPA can't ignore CO2," says Nilles.

That effectively punts the future of coal in America to President-elect Barack Obama's incoming Administration. It's not yet clear how he'll act, but his renewable energy advisor Jason Grumet has said that Obama would be willing to use the EPA to directly regulate CO2 -- something President George W. Bush has refused to do. "This lays the groundwork for Obama to move quickly to put in place a regulatory system and begin to achieve CO2 reduction and build that clean, 21st century economy he talks about," says Nilles. Obama's position on coal isn't exactly clear, though he has said that he will work to develop "clean coal" plans that can capture and sequester carbon. What's certain is that the future of coal just got a lot cloudier -- and the future of the climate might be a bit brighter.

See pictures of the world's disappearing ice.

See a graphic of the forecasted effects of climate change on the world by 2020.

http://www.time.com/time/health/article/0,8599,1859049,00.html

[up-down]

Exposing the Myth of Clean Coal Power

By Bryan Walsh Saturday, Jan. 10, 2009

An aerial view shows the aftermath of a retention pond wall collapse at the Tennessee Valley Authorities Kingston Fossil Plant, Monday, Dec. 22, 2008 in Harriman, Tenn. The Tennessee Valley Authority says the 40-acre pond held a slurry of ash generated by the coal-burning Kingston Steam Plant.
Wade Payne / AP

If you paid any attention to last year's Presidential campaign, you'll remember ads touting the benefits of "clean coal" power, sponsored by the industry group American Coalition for Clean Coal Electricity. (The ads featured lumps of coal plugged into an electrical cord.) Designed in part to respond to the growing green campaign against coal power -- which accounts for about 30% of U.S. carbon emissions -- the ads promised high-tech and eventually carbon-free power, emphasizing coal's low cost compared to alternatives, its abundance in America and its cleanliness.


Related
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Wasting Our Watts

Environmentalists Win Big EPA Ruling on Coal Emissions
Making Water a Matter of Race
Your Laptop's Dirty Little Secret

The "clean coal" campaign was always more PR than reality -- currently there's no economical way to capture and sequester carbon emissions from coal, and many experts doubt there ever will be. But now the idea of clean coal might be truly dead, buried beneath the 1.1 billion gallons of water mixed with toxic coal ash that on Dec. 22 burst through a dike next to the Kingston coal plant in the Tennessee Valley and blanketed several hundred acres of land, destroying nearby houses. The accident -- which released 100 times more waste than the Exxon Valdez disaster -- has polluted the waterways of Harriman, Tenn., with potentially dangerous levels of toxic metals like arsenic and mercury, and left much of the town uninhabitable.

More than two weeks after the spill, workers and machines are still trying to clear the estimated 5.4 million cubic yards of coal ash from around the plant. The breach "is an environmental catastrophe that reveals not only the dangers of burning coal and mismanaging coal combustion waste, but also the need for federal regulation," said Steven Smith, executive director of the Southern Alliance for Clean Energy, at a Senate hearing on the spill on Jan. 8. After Kingston, coal may be considered many things -- but it's hard to see how "clean" could be one of them.

That's because, even putting aside climate change-accelerating carbon dioxide, coal remains a highly polluting source of electricity that has serious impacts on human health, especially among those who live near major plants. Take coal ash, a solid byproduct of burned coal. A draft report last year by the Environmental Protection Agency (EPA) found that the ash contains significant levels of carcinogens, and that the concentration of arsenic in ash, should it contaminate drinking water, could increase cancer risks by several hundred times. A 2006 report by the National Research Council had similar findings. "This is hazardous waste, and it should be classified as such," says Thomas Burke, an environmental risk expert at Johns Hopkins University who has studied the health effects of coal ash.

But the ash isn't currently classified as hazardous waste. Though the EPA in the past has come close to imposing stricter rules on the treatment of coal ash, the agency has repeatedly backed down in the face of opposition from utilities and the coal industry. As a result, hundreds of coal plants around the U.S. are allowed to dump their leftover sludge in unlined wet ponds like the one used by the Kingston facility. Not only does that raise the risk of accidents like the Kingston spill, but the toxins in the ash could seep into the soil or groundwater, contaminating drinking water supplies. Environmentalists would prefer federal regulations that require ash to be buried in lined landfills that would prevent leakage. "You can't talk about clean coal without dealing with this problem," says Eric Schaeffer, the director of the Environmental Integrity Project, which just came out with a new report finding that there are nearly 100 other largely unregulated wet dumps like the Kingston facility across the U.S.

In reality, we can't really talk about clean coal -- it doesn't exist. Though the coal industry is right to point out that it has improved filters on coal plants, sending less traditional pollutants like sulfur dioxide and mercury into the air, the toxic waste that remains behind is only growing. The biggest advantage of coal power has been cost -- in most cases, it remains much cheaper than cleaner alternatives like wind, solar or natural gas. But the cheapness of coal depends on the fact that external costs -- climate change, or the health impacts of air and water pollution from coal -- remain external, paid for not by utilities or coal companies but society as a whole. The coal industry itself estimates that taking better care of fly ash could cost as much as $5 billion a year -- and if the government imposed a tax or cap on carbon dioxide, the price of coal would certainly rise. "For all the money the industry has spent to mislead the public, [Kingston] shows that there really is no such thing as clean and cheap coal in the U.S," says Bruce Nilles, the director of the Sierra Club's National Coal Campaign.

That's not entirely true. As we grapple with global warming, coal can be cheap or it can be (somewhat) clean. But the sea of ash in Tennessee shows it can't both, and that's a reality we need to face as we plot America's energy future.


http://www.time.com/time/health/article/0,8599,1870599,00.html?xid=rss-topstories

[Democritus_of_Abdera]

Joy Global’s comments about coal in 12/17 CC:

“... if coke exports from China are a barometer, met coal prices could go down 40%, but it would still be at historically strong prices. Volume cuts will be mitigated by downgrading with lower quality returning to the thermal coal markets.”

“Thermal coal prices have held up better than other commodities and are ahead of year ago levels. Thermal coal is used primarily for power generation and this demand varies the least with economic performance. In fact, power generation in the U.S. has dipped into negative territory only three times in the past 50 years. Although this current recession may be the fourth, we can expect power demand to decline by 2 to 3% at the most. ... In addition, the next round of new power plants in the U.S. and Europe will be coal-fired. And the U.S. has as much as 15 to 20% of additional coal-fired capacity through higher plant utilization. And as a result, we think that coal use has limited downside through this recession and that coal has the greatest upside during recovery.”

“As we look at our markets, obviously, cutting back on production early and minimizing the chances of over building and over building stockpiles and having to work through that in the later part in the recovery part of the cycle is good. Early cuts will level out the production rather than creating whip-saw effects. And I think that’s ultimately very, very good for our business.... The timing of the cuts was demonstrated in the weak U.S. coal markets in 2006, 2007 where we saw customers take production offline quickly and minimize the whip-saw effect of too much stockpiles later in the recovery part of that market. And so we feel pretty good that the U.S. coal market experience of 2006, 2007 is an up to date barometer. ... we are also seeing our customers do a lot of high grading. So a lot of the mines that are coming off are marginal mines. Some of those are smaller mines, like in the Surface area there will be mines that are typically using hydraulic excavators rather than the electric rope shovel.”

[@-@]

BCND Coal News:

Beacon Redevelopment Industrial Corporation Provides Update on Coal Mining Projects

NORTH HUNTINGDON, Pa., Nov 13, 2008 /PRNewswire-FirstCall via COMTEX/ -- Beacon Redevelopment Industrial Corporation (OTC: BCND) today announced that it's wholly owned subsidiary Beacon Energy Corporation entered into negotiations to purchase additional coal rights and the finalization of previous negotiations.

As previously announced, Beacon Energy Corporation announced it had negotiated to acquire a 950 acre mining property in Western Pennsylvania. After further investigation and negotiations, the company has entered into a binding letter of intent to purchase only 750 of the 950 acres offered. "Some of the rights would not have benefited our company, so all parties have mutually agreed to our revised offer," said Adam Marek, President & CEO.

Mr. Marek also stated "That Beacon Energy Corporation has begun additional negotiations for coal mining rights on a separate parcel of land consisting of approximately 270 acres. In total, the company will then control/own 100% of mining rights for over 1,000 acres of coal, spanning across three different municipalities in Western Pennsylvania. The company declined to make an offer for the post-mining land rights. As I only want to focus on operations that will create positive revenues for our company's energy operations .We believe the companies that Beacon Energy may consider for a joint venture who will perform the actual mining of the coal will be able to implement the longwall method of extracting the coal from these properties for several years to come. The coal as mentioned is part of the Upper and Thick Freeport Coal Seams in Western Pennsylvania."

About Beacon Redevelopment Industrial Corporation:

Beacon specializes in acquiring undervalued properties that offer the potential for above average return on investment along with multiple assets and development ability at distressed prices, the properties must offer recyclable/salvageable materials, energy resources or mineral rights along with the potential for redevelopment and or desirable development potential; the company also seeks along with the above for mentioned, properties that have the possibility for governmental grants, tax rebates or deferments as part of their criteria for acquisition. Please visit the company's website at www.beaconredevelopment.com for all the latest information and updates.

This press release contains certain forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

SOURCE Beacon Redevelopment Industrial Corporation

[up-down]

Rising Tide Blockades Australia’s largest coal plant

posted by Sparki in RAN General on October 31st, 2008

Rising Tide Australia leads the way again. The Australian government won’t make even medium greenhouse gas emissions until 2020. That’s too late and why Rising Tide began making emissions reductions using direct action instead of government inaction.


29 were arrested. Four locked onto the conveyor belts, everyone else on the coal piles.


From their media release.

“Four people have chained themselves to the main conveyor belt at Bayswater power station this morning to stop coal feeding into Australia’s largest coal fired power station. They are joined by more than thirty other protestors who are occupying the stations coal stock-piles.

Protestors, from climate action group Rising Tide Newcastle, are locked onto machinery, stopping the conveyor belts that carry coal to Bayswater’s furnaces in protest against the Federal Government’s failure to stop Australia’s greenhouse pollution rising.

Spokesperson, Georgina Woods, said, “Australia’s greenhouse pollution is still increasing and our addiction to coal-fired power is the main cause. We are here because every day we hesitate, we are killing the Great Barrier Reef.”

In 2006/07, Bayswater Power Station created approximately 14 million tonnes of carbon dioxide pollution, making it equal greatest single source of greenhouse pollution in the country and among the top 100 polluting power stations in the world.

The Federal Government is expected to announce medium term greenhouse emission reduction targets at the end of the month, but protestors say that 2020 is too late, and want a commitment that 2010 will be Australia’s “peak emissions” year.

The Bayswater power station near Muswellbrook in the Upper Hunter and the adjacent Liddell power station together supply around 40% of NSW’s electricity.

The protestors say power stations like Bayswater will need to be shut down over the next few years: “Where is the plan to phase out facilities like these? Why are we twiddling our thumbs?”

“The nation and the world are watching and we will not get another chance. The people that are here today are parents and grandparents, professionals and tradespeople. We are demanding a commitment from the Government today: Australia’s greenhouse emissions must start dropping from 2010, we must do whatever it takes to save the Barrier Reef from wipe-out and the world from devastating runaway climate change.”

The fight for the climate is far from over; the need for people to protest our failure to reverse greenhouse pollution is greater than ever.”

[up-down]

Historical Average Weekly Coal Commodity Spot Prices
(Dollars per Short Ton)
Business Week Ended October 31, 2008


http://www.eia.doe.gov/cneaf/coal/page/coalnews/coalmar.html

[up-down]

coal: a finite resource is being consumed like no tomorrow to generate electricity

* Coal shipments make up half of all rail traffic in the country

* Arch Coal: Our single mine of Black Thunder produces more energy every year, or every day, than the North Slope of Alaska

* Every 24 hours, we'll have approximately 35 miles of trains loaded with Black Thunder coal

* There are 600 coal-fired power plants in the country

* Fifty-two percent of all electricity consumed in America comes from coal.

* Coal is the rock that built America. It was the engine of the industrial revolution. We should all be very grateful for all the miracles of modern life that coal has brought to us.

* Our electric needs in this country, according to the federal government, are going to increase 41 percent between now and 2020

* China is building two new coal plants here every week.

* America desperately needs to burn not less coal, but more.

* Coal is the resource that generates half of our electricity at a third the cost of most other fuels. It's the fuel that powers our way of life.


Read more: #msg-33404238








Black Thunder Coal Mine, WY, USA
the largest producer of coal in North America

[@-@]

BCND (.0001/.0002) coal news from International Longwall News longwalls.com

Beacon shines light on potential new longwall
Donna Caudill
Friday, 7 November 2008

BEACON Redevelopment Industrial Corp announced Thursday it has entered into negotiations for a 950-acre property and associated coal reserves in Pennsylvania for a potential longwall.

In an interview with International Longwall News, Beacon president Adam Marek said the company would most likely work with another entity to develop the reserves, but due to the early stages of the process no further details had yet been decided.

“The company is very confident that current negotiations will result in the successful execution of a purchase agreement immediately with a closing to take place within the next two weeks,” he said.

Marek did tell ILN, however, that it was the company’s intention to develop an underground operation, specifically a longwall, at the site in Westmoreland County, Pennsylvania, west of Pittsburgh.

“We'd like to use the longwall method to achieve maximum recovery of coal from the property, but we are reviewing the potential environmental impact and feasibility of doing so,” he noted, but did not comment on the size of the reserves, possible life span of the operation or type of coal to be mined.

The financial details of the transaction have not been made public, but Marek did confirm Beacon would take over the tract in a deal including cash on hand and restricted stock.

Meanwhile, Beacon is also looking at additional coal rights in the area, but those are also too early in the process to discuss, Marek said.

He said in addition to energy and reserves properties, the company specialised in acquiring undervalued assets which possess an above-average return on investment.

Beacon Energy Corp, a wholly owned subsidiary of Beacon Redevelopment Industrial Corp, will be the legal owner of the property.

Pennsylvania is the sixth largest US coal producer at 29 billion tons annually. Only Wyoming, West Virginia, Kentucky, Illinois and Montana extract more.

[MWM]

Coal hoping a bottom is here...

[RonnieD]

SIBM to become Blue Arch Coal
148M tons
http://investorshub.advfn.com/boards/board.aspx?board_id=13123

[johnlw]

VIRGINIA GALT

Globe and Mail Update

July 29, 2008 at 8:56 AM EDT

Teck Cominco Ltd. announced Tuesday that it has entered into an agreement to acquire 100 per cent of the assets of Fording Canadian Coal Trust.

These assets consist primarily of a royalty in respect of Fording's 60 per cent non-operating interest in the Elk Valley Coal Partnership.

“In aggregate, Teck will pay approximately $12.4-billion [U.S.] in cash,” the company said.

Under the terms of the transaction, Fording unitholders will receive $82 (U.S.) in cash and 0.245 of a Teck Class B subordinate voting share per Fording unit.

“Based on the 20 day volume weighted average price of Teck Class B shares on the New York Stock Exchange, the proceeds to Fording unitholders represent a 18 per cent premium to the 20 day volume weighted average price of Fording units on the NYSE, in each case for the period ending July 25,” the company said.

[up-down]

China Shuts More Coal Power Plants; Warns on Shortage
By Wang Ying

July 8 (Bloomberg) -- China, the world's second-biggest energy consumer, shut 2.5 percent of its coal-fired power plants, prompting local governments to limit electricity consumption and issue warnings on possible blackouts.

Insufficient coal supplies forced the closure of 58 power- generating units in central and northern China as of July 6, or 14,020 megawatts of capacity, data from the State Grid Corp. of China showed yesterday. The nation's total coal-fired capacity stood at 554,420 megawatts last year, according to the State Electricity Regulatory Commission.

more #msg-30532894


US: electric coal generation

1965 571,000 megawatts
2006 1,987,000 megawatts

http://www.earth-policy.org/Updates/2008/Update70_data.htm#fig2

[~ Susan ~]

Hope you hung onto yours longer than I hung onto mine :)

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Coal stocks leap after analyst raises price forecasts for '09; sees producers' profits soaring

Wednesday June 18, 4:29 pm ET

NEW YORK (AP) -- Coal stocks rose amid a battered broader market Wednesday, after a Stifel Nicolaus analyst raised his price expectations for the commodity next year as supplies are expected to dwindle.

Analyst Paul Forward raised his 2009 price expectation for Central Appalachian steam coal -- a benchmark grade widely used by power plants -- to $105 a ton from $85 a ton. He lifted his price forecast for Central Appalachian metallurgical coal, used in steel production, to a range of $190 to $220 a ton, from $150 to $175 per ton.

He also raised his price expectations for Northern Appalachian steam coal and three other coal mining regions in the U.S.

Forward subsequently raised his 12-month price targets on several of the biggest U.S. producers. He lifted Peabody Energy Corp. to $97 from $82, Consol Energy Inc. to $134 from $104 and Massey Energy Co. to $123 from $73. He rates all three companies "Buy."

The analyst predicted that coal prices -- already driven by soaring international demand for steel production in China and India and electricity in Europe -- will rise as supplies are eaten up in the U.S.

He projects coal supplies in the country will fall short of demand by about 15 million tons this year and about 11 million tons in 2009, leading utilities to turn to their stockpiles to fuel their plants.

He also suggested that coal companies should reap big profits through 2010 as demand continues to outweigh supply. Forward's predictions are nearly 50 percent above Wall Street's average forecast for 2009 and 2010.

Peabody shares rose $4.09, or 5.2 percent, to close at $83.06, after hitting an all-time high of $83.64 during the session. Massey rose $4.64, or 5.4 percent, to $90.32 -- slightly below the all-time high of $90.52 reached earlier in the day.

Arch Coal Inc. gained $3.79, or 5.3 percent, to $75.40 and Foundation Coal Holdings Inc. gained $3.35, or 4.4 percent to close at $78.72. Foundation hit an all-time high of $78.98 during the session.

Consol Energy blasted to a new all-time high of $117.38, before pulling back slightly to finish up $8.02, or 7.3 percent, at $117.34.

Alpha Natural Resources surged $3.92, or 4.1 percent, to $100.05. It hit an all-time high earlier in the session of $100.54.

[up-down]

coal: the world's fastest-growing fuel for the fourth straight year.

http://uk.reuters.com/article/oilRpt/idUKL112256120080611

[up-down]

Bulgaria wants clean coal power plant

Wed May 14, 2008 11:34am EDT

Related News:

RWE confirms interest in Bulgaria nuclear plant
14 May 2008

Vattenfall to build carbon capture test plant
9:24am EST

(Reuters) - Bulgaria wants investors to build a coal-fired power plant capable of capturing climate-warming gases and burying them underground, energy minister Petar Dimitrov said on Wednesday.

Dimitrov said he had talked with potential U.S. and British investors about building a carbon capture and storage (CCS) project in Bulgaria but did not say whether the government would contribute towards the high cost of building one.

Utilties Enel, E.ON, RWE, CEZ, EVN and AES all showed an interest in building a coal-fired unit at Bulgaria's Maritsa East power station after the government announced plans for a 600-megwatt plant last year.

Now Sofia wants it to be fitted with largely unproven CCS technology, as tighter European environmental regulations threaten to make big emitters pay more or clean up.

"We do not want to build new capacity that will be dirty and polluting. And if we have to pay for all C02 emissions from 2012, it may turn out it is also not economically viable," Dimtrov told a business forum.

"We want to have clean energy and this will be the key defining criteria."

The European Commission thinks CCS could cut the amount of manmade carbon dioxide in the atmosphere by up to a third by trapping and burying emissions from fossil fuel power plants.

The technology is seen as a key weapon in the fight against climate change but nobody has built a large-scale demonstration project yet, largely because it is expected to cost about 1 billion euros ($1.55 billion) more than a standard coal plant.

The EC has said it would like to see up to 12 demonstration plants built by 2015 but has not offered any funding, while Britain is running a competition for what is expected to be hundreds of millions of euros in public money to encourage utilities to build one.

(Reporting by Tsvetelia Ilieva, editing by Daniel Fineren)

http://www.reuters.com/article/environmentNews/idUSL1430569120080514

[up-down]

As Oil Prices Rise, Nations Revive Coal Mining

By MARTIN FACKLER
Published: May 22, 2008

The New York Times

BIBAI, Japan — These rugged green mountains, once home to one of Asia’s most productive coal regions, are littered with abandoned mines and decaying towns — backwaters of an economy of bullet trains and hybrid cars.

Japan’s coal country is stirring again. With energy prices reaching record highs — oil settled above $135 a barrel on Thursday — Japan’s high-cost mines are suddenly competitive again, and demand for their coal is booming. Production has jumped to its highest in nearly four decades, creating a sensation rarely felt in these mining communities: hope.

“We are seeing a flicker of light after long darkness,” said Michio Sakurai, the mayor of Bibai, on Japan’s northernmost island of Hokkaido. “We never imagined coal would actually make a comeback.”

Soaring commodity prices have had distorting effects across the global economy, driving up food prices and prompting fears of future energy shortages. But they have been an unanticipated boon to the coal producing regions of countries like Japan that had written off coal mining as a relic of the Industrial Revolution.

In Bibai, once a thriving cultural center that had a ballet troupe and five cinemas showing first-run Hollywood movies in its heyday in the 1950s, the population shrank to 27,800, from 92,000. As mining jobs evaporated, they left behind rows of abandoned clapboard-fronted stores that give some neighborhoods the air of a ghost town.

While Japan’s coal industry remains tiny, its revival is an example of how higher commodity prices are driving a search for resources even in some of the world’s most urbanized and developed nations.

In recent months, South Korea has experienced calls to create a domestic coal industry in order to reduce dependence on imports. In the United Kingdom, where coal’s decline became a symbol of withered industrial might, companies are increasing production and considering reopening at least one closed mine as demand for British coal rises.

“It’s now the perfect storm with demand for our coal from South Africa to China and Australia,” said Rhidian Davies, president of Energybuild, an operator of mines in South Wales that will increase production at one of its mines tenfold over the next five years.

In Japan, higher commodity prices have also unleashed soaring demand for the heavily populated nation’s other limited natural resources, including lumber and natural gas, where production has risen nearly 20 percent this year to a three-decade high.

But coal is the most potentially plentiful fossil fuel in Japan, and companies have been quick to embrace now affordable domestic supplies out of deep-rooted anxieties about Japan’s heavy reliance on imported energy.

While there are no national figures yet, mining communities report sharply higher production in the last two years. For example, in Bibai the city’s last two mines, both small strip mines, produced just 34,961 tons of coal in 2005. This year, they expect to surpass 150,000 tons, the highest production since 1973, when the city’s last large underground mine was shutting down.

For decades, Japanese coal, at $100 or more a ton, was simply too expensive because of high wages and extraction costs. But with global prices now reaching the same heights, Japanese coal is looking more attractive.

The price of power-station coal shipped from Newcastle, Australia, settled at $134 a metric ton for the week ending May 16, from a high of $142 for the week ending Feb. 15. In May 2003, the price was $23.25 a metric ton.

The utility company Hokkaido Electric Power announced it would nearly double purchases of domestic coal this year to 110,000 tons, while Mitsubishi Materials, a cement maker, said it would buy domestic coal for the first time in 18 years.

Demand is so high that one of Bibai’s mine operators, the Hokuryo Corporation, is now scouting a second mine to double its output.

But the industry’s long decline has made it difficult to gear up. There are almost no geologists left in Japan specializing in coal, or recent surveys of coal deposits in the region. To conduct its search, Hokuryo is relying on a stack of torn, yellowed maps hand-drawn by company geologists more than 40 years ago.

“Our predecessors braved the bears in the woods to leave us these maps,” said Fumihiro Yamamoto, the Hokuryo mine’s director.

Other changes in the last four decades could also hamper efforts to increase production. Hokuryo and other companies say they can no longer build large underground mines because no Japanese worker would want to work in such dark and dangerous conditions today.

At the same time, environmental regulations prevent most strip-mining, which creates huge open pits that can be eyesores. There have been proposals to raise production using new, untested technologies like pumping in water or heat to liquefy coal so it can be sucked it out of the ground like oil.

Even if such technologies worked, no one is expecting Japan to become self-sufficient in coal anytime soon. Domestic coal production contributes only 0.8 percent of the total coal consumed by Japan. Still, there is enormous potential: Sorachi, the region that includes Bibai, sits on an estimated six billion tons of coal, enough to supply Japan’s current level of use for 30 years.

“I don’t think we can expect a dramatic increase in the near future” in domestic coal production, said Hirofumi Furukawa, general manager of the Japan Coal Energy Center, an industry-affiliated research group. “But still, it is good to have a rare bit of encouraging news.”

Japan’s coal industry needs cheering up: nationwide, production is down from its peak in 1961 when 662 mines yielded 55 million tons of coal. Last year, eight mines produced about 1.4 million tons, according to Mr. Furukawa and Japan’s economy ministry.

Japan’s hard-hit coal mining communities have sought ways to cope with the industry’s long decay. The town of Yubari, an hour east of Bibai, went bankrupt after building an extravagant amusement park, the Coal History Village, which failed to attract tourists.

That does not mean coal is a savior. In fact, so far the coal revival has failed to produce new jobs in Bibai’s mines, where machines now do most of the digging. Many residents doubt a real renaissance is even possible. Much of the city’s population is in its 70s or older. Some doubt that working-age people who left when the mines closed will ever want to come back.

“Even if a few young people come back, it won’t be enough to save this town,” said Mitsuko Michiyama, 69, who owns a clothing shop on an empty shopping street where most storefronts are boarded up.

Still, business is looking up for Hokuryo, a unit of the Mitsubishi Corporation that once operated vast mines producing a million tons of coal a year and employing 8,000 workers.

Today, it employs just 40 at its single remaining strip mine.

The mine had survived by supplying about 30,000 tons a year to Hokkaido Electric, which bought the coal in order to support a local industry. Then, starting last year, the mine began receiving calls from other potential buyers. This year, it has promised to deliver some 120,000 tons of coal, far beyond the mine’s initial projected output of 50,000 tons, said Mr. Yamamoto, the mine’s director.

With its half dozen bulldozers and power shovels digging full-time, the company has had to turn down a half dozen would-be buyers.

“It’s frustrating,” said Mr. Yamamoto, who has witnessed the industry’s decline after he started working 36 years ago in one of Japan’s last big underground mines. “It was so hard for so long, and now we refuse big customers.”

At the mine, an open pit cut into a mountainside above Bibai, the mood is noticeably upbeat. Workers say they are working every day of the week, which was not the case even last year.

“We’re all really thankful,” said Takeshi Sasaki, who wore a hard hat as he checked one of the conveyers that wash and sort newly unearthed coal. “If this keeps going, it will mean a whole new era for Bibai.”


http://www.nytimes.com/2008/05/22/business/worldbusiness/22mines.html?em&ex=1211601600&en=85620cd23467121b&ei=5087%0A

[oasdihf]

Canasia Submits Coal Permits in East Central Saskatchewan
03:08 EDT Friday, May 02, 2008

Trading Symbols:
CAJ-Canada
45C-Germany
CANSF-USA

VANCOUVER, May 2 /CNW/ - Canasia Industries Corporation ("Canasia") wishes to announce that it has made coal permit applications encompassing four townships (approximately 92,000 acres) in east central Saskatchewan. The granting of any of these permits is expected to be determined at a date in the future according to the Government of Saskatchewan representatives that company officials have been speaking with. There are no guarantees that any of these proposed permits will be awarded to Canasia. A news announcement regarding these permits will be released upon receipt of the Government of Saskatchewan's permitting process.

Graeme Sewell, a director of Canasia stated, "If we are successful on these permits that would add another dimension to Canasia's growth plan. The coal sector within East Central Saskatchewan has been quite active recently, and management believes having an opportunity to potentially acquire permits in the area fits into the corporate strategy of maximizing shareholder value by the acquisition of significant land positions. When you factor in that Canasia is expecting the VTEM results on the Snow Lake prospect back any day and news on our Potash claims shortly, clearly it is a busy time of corporate activity for Canasia."

If you would like to be added to Canasia's news distribution list, please send your email address to [e-mail].


"Graeme Sewell"

Director

Canasia Industries Corporation


Disclaimer for Forward-Looking Information


Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's ability to close the Purchase and Sale Agreement. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with mineral exploration, (3) a decreased demand for minerals, (4) any number of events or causes which may delay or cease exploration and development of the Company's property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems; (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, (8) inability to obtain all necessary environmental and regulatory approvals, (9) an increase in the number of competitors with larger resources, (10) other factors beyond the Company's control; (11) the failure of the Letter of Intent or Letter Agreement to close for any reason; and (12) the ability of the Company to acquire the services of contract trades to perform work programs in a timely manner. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian security regulators.


The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of the content of this news

release.


For further information: Tel: [phone], Fax: [phone], www.canasiaind.com, [e-mail]

[oasdihf]

From 0.20 to 8.00!

[oasdihf]

Goldsource Confirms Saskatchewan Coal Discovery Analytical Results and Coal Rankings Announced

15:35 EDT Monday, May 05, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 5, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) announces the results for the 47 coal samples submitted from the Saskatchewan coal intercepts for two core holes representing 26 metres and 32.5 metres respectively of coal seam, including 22.6 metres of continuous coal in each hole. On the basis of proximate analyses, most of the coal from the two intercepts is ranked, in accordance with standard ASTM-D388, as High Volatile Bituminous C and Sub-Bituminous A. The analyses and rankings confirm the "visual characteristics" reported in the Company's news release dated April 28, 2008.

The Company believes that the coal encountered in the drill holes is from the Mannville/Swan River Group of Cretaceous age. The coal is black and moderately hard and the 47 samples have been ranked according to ASTM - D388 as follows; High volatile bituminous B (1); High volatile bituminous C (21) Sub-bituminous A (20); Sub-bituminous B (4); Sub-bituminous C (1). Overall, the initial proximate analyses for the 22.6 metres of continuous coal in each hole show a range of Calorific Values (dry basis) of 18,900 to 23,1500 Kj/Kg (8,100 to 10,000 BTU/lb) with an average of approximately 21,000 Kj/Kg (9,200 BTU/lb). The initial sulfur content ranges from 0.25 to 3.84% with an average around 1.5%. Coal intervals with partings located below the continuous coal seam intercepts have widths of 4.6 and 10.0 metres respectively. These lower intervals have Calorific Values of 13,700 Kj/Kg (5,900 BTU/lb) and 10,400 Kj/Kg (4,400 BTU/lb).

J. Scott Drever, President stated: "In light of the apparent nature and quality of the coal, we are truly excited with this new coal discovery in Saskatchewan. The information to date suggests the potential to establish a significant resource tonnage in a relatively short time. We believe that the thickness of the seam, its apparent low geologic complexity and excellent thermal characteristics will make it unique, certainly to Saskatchewan and perhaps to Canada. Our next step will be to attempt to determine the aerial extent and thickness of the seam from our geophysical database. We will follow up with confirmation drilling in June or as soon as weather and permitting allow."

Since the primary goal for drilling was to test for kimberlite and the intercepts of coal were unexpected, the standard precautions for protecting the coal from contamination from drilling fluids and extraneous moisture were not applied and therefore some of the ash and moisture contents may have been negatively affected. This suggests that the above rankings as reported may be lower than actual. Re-drilling of these two initial holes will be completed to gather more accurate coal data using standard coal drilling and sampling techniques with the potential to upgrade the presently reported coal analyses and ranking.

Tests for a Free Swelling Index (FSI), which can indicate that a coal has coking characteristics, were negative. However, the absence of FSI numbers may also be attributed to the presence of excessive drilling fluids. Further test work will be carried out using alternative procedures to test for potential coking characteristics.

The Company cautions that only 2 holes have been drilled and that continuity and geology-type (potentially low complexity) based on GSC Paper 88-21 still remain to be established with additional drilling. The reported coal ranks are considered preliminary in nature and significant further test work is required to fully evaluate the mineability and potential economic value of the coal.

In accordance with the standards for reporting coal in Canada (GSC Paper 88-21) it is judged that this coal deposit may be Low-Type B geological complexity and may be designated as a "surface" deposit type. Once seam continuity is established, the Assurance of Existence Categories of Measured, Indicated and Inferred resources can be extrapolated for distances of up to 600 metres, 1200 metres and 3600 metres respectively from known data points.

The two core holes are located approximately 50 kilometres north of Hudson Bay, Saskatchewan. The property is readily accessible by highway and railway which transverse the area of interest. The initial drill target area is approximately 5 kilometres from the rail line. The two holes are located 1.64 kilometres apart in a relatively flat-laying area. The coal seam top in both holes is located approximately 80 metres from surface.

All analyses and rankings were carried out by Loring Laboratories Ltd. of Calgary, Alberta. Loring is a certified laboratory and has extensive experience in the analysis and ranking of Canadian coals. The Qualified Person for Goldsource is N. Eric Fier, CPG, P.Eng. who has reviewed and approved this news release.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in product prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

On Behalf of the Board of Directors of Goldsource Mines Inc.

J. Scott Drever, President

FOR FURTHER INFORMATION PLEASE CONTACT:

Goldsource Mines Inc.
Fred Cooper
604) 691-1760
[phone]

Email: [e-mail]
Website: www.goldsourcemines.com
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

© Marketwire

[oasdihf]

Goldsource Coal Intercepts in Saskatchewan

14:36 EDT Monday, April 28, 2008

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 28, 2008) - Goldsource Mines Inc. (the "Company") (TSX VENTURE:GXS) wishes to make the following statements regarding the intercepts of coal disclosed in its news release dated April 22, 2008. The Company cautions against placing undue reliance on the visual observations set out below with respect to the coal until the results of the analytical work underway have been announced.

- The coal intercepts were encountered in two core holes that were drilled as part of the Company's ongoing exploration program for diamondiferous kimberlites. The holes are located on the Border property approximately 50 kilometres north of Hudson Bay, Saskatchewan. The property is accessible by highway and railway which transverse the area of interest.

- The Company believes that the coal encountered in the drill holes is of Cretaceous age. The coal is black and moderately hard and therefore judged by visual characteristics to be either sub-bituminous or bituminous in rank rather than lignite. The Company knows of no record of occurrences of lignite coal in Cretaceous aged rock formations in Saskatchewan. A picture of a portion of one of the coal intercepts and representative photos of select samples are attached.

- The top 22.6 metres of the coal seam appears consistent in both holes with few visible partings (less than 0.1 metres). The lower 4.5 to 11.6 metres is mixed coal and sandy/silty partings. The stratigraphy over-lying (glacial till and mudstones) the top of the seam is also consistent between drill holes and there is only about 1.6 metres difference in the elevations of the tops of the seam although the holes are 1.64 kilometres apart. The depth from surface to the top of coal seam is approximately 80 metres. It is initially assumed that the coal seam is the same in both holes and although the deposit appears to be of low complexity as defined by Paper 88-21 of the Geological Survey of Canada for the standardized reporting of coal reserves and resources in Canada, additional drilling will be needed to confirm this.

- The proximate analyses (ash, fixed carbon, moisture, thermal energy, etc.), rank of the coal, sulphur content and the coal's coking characteristics, if any, will be determined by the analysis of 47 core samples submitted to a certified laboratory in Calgary, Alberta. The results are expected prior to the end of the week and will be released by the Company once they have been compiled and integrated with all other data available to the Company. The Company has retained half of the sampled core for future work.

- The Company has made application for coal permits covering the area of interest in accordance with the Coal Disposition Act of Saskatchewan. The time frame for granting of the permits is dependent upon regulatory requirements to process the applications.

- The Company has engaged Fugro Airborne Services who completed an airborne geophysical survey of the area in 2006 for diamond exploration to re-process the 5,700 line kilometres of EM geophysical data that is available to the Company in an effort to delineate the aerial extent and the thickness of the coal seam.

- Depending on the results of the coal analysis and systematic compilation of all available data, the Company plans on further drilling at the Border property after spring breakup and road restrictions are lifted in the area of interest.

- Mr. Drever, President of Goldsource Mines Inc., and Mr. Fier, CPG, P.Eng., who is a consultant and Qualified Person for the Company, both have extensive experience in the exploration and evaluation of coal deposits in Canada, USA and South America.

The Qualified Person for Goldsource is N. Eric Fier, CPG, P.Eng., who has reviewed and approved this news release.

This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of coal permits and mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in product prices; currency fluctuations; and general market and industry conditions. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

On Behalf of the Board of Directors of Goldsource Mines Inc.

J. Scott Drever, President

To view attached images please click on the following link: http://media3.marketwire.com/docs/gxs0428.pdf

FOR FURTHER INFORMATION PLEASE CONTACT:

Goldsource Mines Inc.
Fred Cooper

[phone]
[phone] (FAX)
Email: [e-mail]
Website: www.goldsourcemines.com
The TSX-Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

© Marketwire

[Arctec]

Ya. He couldn't do it with Gold, copper or U. might as well get dirty with coal.

Well NAG will prolly run over a buck now that I won't ever buy anymore.

Well have a good summer. You won't be seeing me around here for a while.

[johnlw]

Arc
I see Charles is going coal this month
Versatile guy that one

[Arctec]

Coal is King!!!!

[Arctec]

I don't have anything good to say about these guys.. So I won't sayanything..

[Tackler]

North American Gem applies for more coal permits

2008-05-08 11:36 MT - News Release

Mr. Charles Desjardins reports

NORTH AMERICAN GEM INC. COMPANY APPLIES FOR ADDITIONAL COAL PERMITTING NORTH OF HUDSON BAY, SASKATCHEWAN

North American Gem Inc. has submitted coal permit applications for another 118,733 acres, in addition to the previous acreage as stated in yesterday's release in Stockwatch. This now brings the current total land staking to approximately 252,901 acres, the company continues to add to its potential land position in proximity to the recent Goldsource Mines Inc. discovery, in east-central Saskatchewan.

North American Gem has been contacted by another diamond exploration company that has also drilled into a coal seam, in what it believes could be part of the same Cretaceous-aged coal system. Part of that core is presently being assayed.

"It is our immediate goal to become a major landholder in this region of Saskatchewan through successful permitting," said Charles Desjardins, president of North American Gem. "This acquired additional technical information could support the early theory of the presence of a much larger coal system."

The company will confirm permit grants as documentation is received regarding these coal permits that have been forwarded to the government of Saskatchewan's permitting office. The time frame will be determined by the permitting office. North American Gem has submitted money in trust to the Saskatchewan permitting office.

North American Gem has made a commitment to be active in Saskatchewan for the exploration of coal, whether it be through successful staking by the company or through joint-venture opportunities. The recent coal discovery by Goldsource Mines of bituminous coal in two drill holes 1,600 metres apart, suggests the potential for a much larger coal system. Goldsource believes the coal it encountered is from the Mannville/Swan River Group of Cretaceous age (see Goldsource Mines news in Stockwatch of May 5, 2008). Coal structures of the Cretaceous age are generally very large and can encompass several thousand square kilometres.

[Tackler]

Nice move!

[Arctec]

What a beautifull sight.

Cline Mining.

[Arctec]

Fording Canadian Coal Trust (FDG.UN : TSX : $70.20), Net Change: 2.69, % Change: 3.98%, Volume: 594,287
Grande Cache Coal* (GCE : TSX : $6.98), Net Change: 0.51, % Change: 7.88%, Volume: 2,573,194
Western Canadian Coal* (WTN : TSX : $5.85), Net Change: 0.70, % Change: 13.59%, Volume: 5,364,523
4-3-2-1...Earth below us, drifting falling, floating weightless, calling calling home...Canadian coal stocks continue to run as
analysts expect coking coal prices to stay high for longer. Media reports are saying that some producers are demanding up to
$350/tonne this year, which is higher than the benchmark set by BHP Billiton (BHP). While some expect the Queensland
supply situation to return to normal through 2008. Others say infrastructure constraints both in Queensland and elsewhere
around the world should limit potential supply growth for at least the next two or three years. Canaccord Adams' benchmark
2008 coal-year contract price forecast is US$300/tonne for hard coking coal and US$245/tonne for ULV PCI coal. Under
"High" case commodity price assumptions there still remains significant upside to Canadian coal stocks from current levels.

[up-down]

Alpha Resources In The Hot Seat

Ruthie Ackerman, 05.05.08, 6:00 PM ET

With coal supplies tightening around the world U.S. exports have been strong. And sizzling prices have only helped push the coal sector to new highs.

On Monday Alpha Natural Resources led the sector to an all-time high after reporting robust first-quarter earnings and announcing it secured commitments for 2008 that take advantage of the recent surge in coal prices.

“Coal has joined the energy commodity boom and tight supplies are having a meaningful impact on prices, for both prompt deliveries and forward commitments,” said Chairman Michael Quillen.

Alpha Natural Resources (nyse: ANR - news - people )’ shares soared 11.5%, or $5.81, to $56.34 at the close.

Quillen said that after the close of the first quarter, the company secured commitments for 2008 delivery on three-quarters of a million tons of planned metallurgical production, at price levels consistent with recently announced settlements with Japanese steel makers.

“Those prices ranged from $295 to $305 per metric tonne at the port, which correlates to a realized price for Alpha of approximately $240-250 per short ton at the mine,” Quillen said.

The company said it has over 10 million tons of metallurgical coal unpriced for next year, allowing it to take advantage of skyrocketing prices. “We're convinced that supply and demand conditions in both the domestic and international steel markets will underpin a strong price environment going forward,” said Kevin Crutchfield, Alpha's president.

Meanwhile, soaring natural gas prices and the weak U.S. dollar are spurring thermal coal demand both domestically and internationally and high steel prices are forcing steel mills to search for reliable supplies of metallurgical coal, which is used in steel production.

The company contracted almost all of its remaining uncommitted but planned 2008 thermal coal production, which is approximately 340,000 tons at an average price of $87 per ton. Commitments were reached on approximately five million tons of planned thermal production for 2009, at an average price of $79 per ton.

Natixis Bleichroeder analyst Jeremy Sussman said that the $79 price tag on thermal coal, which is used in utilities, is the highest contracted price he’s seen. Sussman said this is good news for James River Coal (nasdaq: JRCC - news - people ) because it has the highest number of unsigned contracts.

James River’s shares shot up 7.9%, or $1.91, to $26.00 at the close.

James River is expected to report its first-quarter results on Tuesday.

For the first quarter Alpha’s net income more than tripled to $25.5 million, or 39 cents a share, from $8.3 million, or 13 cents, a year earlier, well above analysts’ forecast of 17 cents per share.

Revenue rose by about 20.0% to $516.9 million. Analysts expected earnings, before special items, of 16 cents a share, on revenue of $495.1 million.

For the second quarter, the company expects a charge of $14.5 million on buy back of senior notes.

The company also revised its 2008 production targets to a range of 24.5 million to 25.5 million tons, an increase of 500,000 tons due to better efficiency and new mine projects.

Alpha also boosted its average coal price prediction for the full year to between $70 and $71 per ton from $62 to $63 previously.

The coal sector was on a roll on Monday. Massey Energy (nyse: MEE - news - people ) jumped 7.4%, or $3.90, to $56.71, while Arch Coal (nyse: ACI - news - people ) gained 4.5%, or $2.67, to $61.92. Consol Energy (nyse: CNX - news - people ) increased 4.9%, or $4.14, to $88.43 and Peabody Energy (nyse: BTU - news - people ) moved up 2.1%, or $1.31, to $63.71.