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Last updated on April 19, 2014 at 18:42 EDT

Pacific Coal Announces Resignation of CEO, Appointment of Executive Vice President and COO and Sale Of BACF Interest

October 9, 2012

TORONTO, Oct. 9, 2012 /PRNewswire/ – Pacific Coal Resources Ltd. (TSXV: PAK)
announced today that the Company’s Chief Executive Officer, Mr. Luis
Carvajales, has tendered his resignation, effective immediately. The
Company would like to thank Mr. Carvajales for his service and valuable
contribution to the Company and wishes him well in his future
endeavours. The duties of the Chief Executive Officer will be assumed
by the Company’s recently appointed Executive Chairman, Mr. Hernan
Martinez (see press release dated September 7, 2012).

The Company is pleased to announce the appointment of Mr. Luigi Salemi
Nieto as the Chief Operating Officer of the Company and Mr. Ricardo
Plata as the Executive Vice-President of the Company, effective
immediately.

Mr. Salemi has over 25 years of professional experience in open pit and
large scale mining, and has achieved excellent results in the
continuous improvement of production processes. He has been providing
advisory and consulting services in respect of open coal mines in
various departments in Colombia and has held senior managerial
positions, including being the Mine Director for Operacion Minera Siglo
XXI S.A. (OPM S.A.), a mine operator used by the Company. Mr. Salemi
holds a civil engineering degree from the Universidad La Gran Colombia
in Bogota, Colombia.

Mr. Plata has over 20 years of corporate management experience in
national and international trade, public affairs and information
systems working with national and multinational corporations. He has
held the position of Executive Director for Fundacion para el
Desarrollo del Caribe Colombiano (FUNDESARROLLO), which provides
support to the Colombian Chamber of Commerce by carrying out economic
and social studies and monitoring of public policies. He has also held
several senior managerial positions at International Colombia Resources
Corporation, which is the operator of the Cerrejon Coal Project (the
largest mining operation in Colombia). Mr. Plata holds a Computer and
Systems Engineering Degree from the Universidad de los Andes in Bogota,
Colombia and a Masters of Philosophy in Latin America Studies from
Oxford University. He has also been a director on the board of
directors for several organizations, including Transmetro, the public
transportation system in Barranquilla, Colombia and the regional office
of the Colombian Industrial Association.

Sale of BACF Interest

In conjunction with the above, the Company wishes to announce the sale
of its 5% equity interest in Blue Advanced Colloidal Fuels Corp.
(formerly known as Bioenergy International Inc. (BIOINT)) to Pacific
Rubiales Energy Corp (PRE) for cash consideration of US$5,000,000. This
transaction is a related party transaction due to the ownership by PRE
of 14.35% of the Company’s shares and as such, was negotiated at
arms-length.

As previously announced, the equity interest was originally acquired by
the Company pursuant to an investment option agreement by and among the
Company, Alpha Ventures Inc., Nano Dispersions Technology Inc. and Blue
ACF (see press release dated April 6, 2011).  In addition to
transferring its 5% equity interest in Blue ACF, the Company has
assigned to PRE the right to acquire up to an additional 5% equity
interest in Blue ACF for an additional investment of up to
US$5,000,000. The Company shall continue to retain an option to acquire
up to a 10% equity interest in Blue ACF by investing up to
US$10,000,000.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company focused
on coal, coking coal, asphalt and asphaltite exploration, development
and production from prospective producing, development-stage and
exploration-stage properties in Colombia. The Company has acquired or
entered into agreements to acquire various interests in several
operating coal mines and projects, representing a substantive coal and
asphaltite exploration and production area throughout Colombia. Pacific
Coal is committed to implementing its exploration and development
strategy with a comprehensive environment, safety and community
program, meeting international standards of best practice.

Forward Looking Information:

This news release contains “forward-looking information”, which may
include, but is not limited to, statements with respect to the future
financial or operating performance of the Company and its projects.
Often, but not always, forward-looking statements can be identified by
the use of words such as “plans”, “expects”, “is expected”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or
believes” or variations (including negative variations) of such words
and phrases, or state that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Pacific Coal to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements. Forward-looking statements
contained herein are made as of the date of this press release and
Pacific Coal disclaim, other than as required by law, any obligation to
update any forward-looking statements whether as a result of new
information, results, future events, circumstances, or if management’s
estimates or opinions should change, or otherwise. There can be no
assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned
not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.

SOURCE Pacific Coal Resources Ltd.


Source: PR Newswire