New World Resources NV announced the result of its fully funded all cash offer to acquire all of the issued and outstanding shares of Lubelski Węgiel Bogdanka SA.

The Offer subscription period for Bogdanka shareholders closed on November 29th 2010. The acceptance threshold of 75% of Bogdanka’s issued share capital was not met and the Offer has therefore lapsed.

Mr Mike Salamon executive chairman of NWR said that “Given the strong industrial and strategic logic of our Offer, this transaction was always going to come down to price. The outcome further demonstrates NWR’s record of strict financial discipline. NWR continues to examine a range of interesting business development opportunities in Poland and Ukraine. Meanwhile, our commitment to Poland and to investing in our existing Polish projects at Debiensko and Morcinek remains as strong as ever. We look forward to continuing our close cooperation with the Polish authorities and our Polish business partners as NWR further develops and grows its business across the region.”

NWR remains committed to its development projects and investments in Poland. NWR’s workforce has over 2,600 Polish citizens currently working on its Czech operations and the Company has two development projects in southern Poland, Debiensko and Morcinek, which are overseen by its wholly-owned Polish subsidiary NWR KARBONIA Sp zoo.

NWR is investing EUR 25 million in the execution of a detailed development schedule for its Debiensko project, which is making good progress and is expected to break ground during the course of 2011. This initial investment is part of the EUR 350 to 400 million NWR is planning to invest over the next five years to open the Debiensko mine, which is expected to create up to 2,500 new jobs in Poland.