Phoenix Coal Inc announced that the sale of the Gryphon reserve which is comprised of the property leases controlled through the acquisition of Pact Resources, LLC and the Petersburg sublease and certain other associated assets to a major US coal producer closed on May 4th 2010.

Mr Robert M Buchan chairman & CEO of Phoenix Coal said that "Closing the Transaction completes our strategic initiative of exiting the coal industry. Moving forward, we are selectively evaluating opportunities in the global resource sector and look forward to redeploying our capital into assets that we hope will generate significant shareholder value."