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Atlantic Coal plc report unaudited preliminary results
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Wednesday, 16 May 2012
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Atlantic Coal plc,the AIM listed open cast coal production and processing company with activities in Pennsylvania, USA announce its unaudited preliminary results for the year ended 31 December 2011.

2011 Highlights:

1. Increased production and sales experienced at Stockton during 2011 207,005 tons of run-of mine coal mined and sales of 106,403 tons reached

2. Strengthened revenues of USD 13,991,971 generated for the period and a net gross profit of USD 226,946

3. Reduced Group loss of USD 3,149,606

4. Purchase of a Komatsu PC2000 Hydraulic Excavator and a Reichdrill blasthole drill rig

5. Strengthened board in part to facilitate the roll out of consolidation strategy

6. Admitted shares to trading on the OTCQX Market International platform of the Pink Sheets LLC in New York to broaden investor base

Current Year Highlights:

1. Progress made to consolidate Atlantic's land position in Pennsylvania to capitalise on growing regional demand for coal

2. Option to lease the Pott & Bannon anthracite coal mining property in Schuykill County believed to contain 4.1 million tons of clean coal

2. Option to acquire anthracite mining assets for a purchase price of USD 35 million

3. 12% increase in production at Stockton and 24% increase in average sales price experienced in Q1 2012 to 31,729 tons at USD 166.30

4. Completion of the Norfolk & Southern Railroad diversion providing access to approximately 1.0 million tons of previously unworkable coal

In tandem with overseeing and improving the production profile of our Stockton Colliery anthracite mine, regional consolidation in the Pennsylvanian anthracite fields was Atlantic's predominant focus with much of the year spent evaluating various opportunities. We were therefore delighted to announce post-period end that we had acquired options over a number of sites, which, if acquired, the Board believes would fulfil this strategy. Due diligence is currently underway at the various option sites and further updates will be made at the appropriate time.

Source - Atlantic Coal plc


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