Significant investor announces exercise of 12.7 million options following funding announcement

Highlights:

        --  Highland Park exercised its option to purchase an additional
            12.7 million shares in the Company
        --  Following the transaction Highland Park owns approximately
            153.8 million shares or approximately 24.3% of the outstanding
            shares in Coalspur

CALGARY, Jan. 9, 2013 /CNW/ – Coalspur Mines Limited (“Coalspur”) (ASX: CPL, TSX: CPT) is pleased to announce that its largest shareholder, the Highland Park
Group (“Highland Park”) has elected to exercise its option to purchase
an additional 12,724,669 ordinary shares in the Company at an exercise
price of A$0.70 per share through its affiliate Borrowdale Park S.A.
The exercise of the options followed the announcement of the commitment
from EIG Global Energy Partners to provide Coalspur with a US$300
million senior debt facility on December 20, 2012.

The exercise of the options means Highland Park now owns a total of
153,840,202 ordinary shares in the Company, which represents
approximately 24.3% of the ordinary shares currently outstanding.

President and CEO, Gill Winckler said “We are extremely pleased to have
Highland Park increase their holdings in Coalspur as it demonstrates
their continued support of the Company and management as we move
towards construction of the Vista coal project.”

The Company also advises that a further 602,666 shares will be issued
for options which were transferred to other parties by Borrowdale Park
and have been exercised by the transferees. The Company will issue the
shares in respect of these options, which also had an exercise price of
A$0.70 per share, when the registration process is completed.

Total net proceeds from the exercise of the options are approximately
A$9.4 million.

The full version of this news release is available on the Company’s
website at www.coalspur.com and SEDAR at www.sedar.com.

Regulatory Disclosures

For further information regarding the Vista Coal Project and Vista
Extension, including a description of Coalspur’s quality assurance
program, quality control measures, the geology, samples collected and
testing procedures in respect of the projects, please refer to the
technical report titled “Coalspur Mines Limited: Updated Resource
Estimate for the Vista Coal Project” dated September 12, 2012. For
further information regarding the Vista South Coal Project, including a
description of Coalspur’s quality assurance program, quality control
measures, the geology, samples collected and testing procedures in
respect of the project, please refer to the technical report titled
“Resource Estimate for the Vista South Coal Property” dated June 25,
2012. The technical reports for the Vista Coal Project, the Vista South
Coal Project, and Vista Extension are compliant with National
Instrument 43-101 – “Standards of Disclosure for Mineral Projects” (“NI 43-101“) and are available for review on SEDAR at sedar.com.

Competent Person / Qualified Person Statements

The information in this news release that relates to Coal Resources on
the Vista Coal Project and Vista Extension, mining engineering,
Recoverable Coal Reserves, capital costs, mining operating costs, and
economic financial analysis, process capital costs and associated
infrastructure, and all other scientific and technical information in
this Report is based on information compiled by Mr. David Leslie, who
is a Member of the Association of Professional Engineers and
Geoscientists of Alberta. Mr. Leslie is a full-time employee of
Coalspur.  Mr. Leslie has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration and
to the activity he is undertaking to qualify as a “Competent Person” as
defined in the 2004 Edition of the ‘Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code“), and a “Qualified Person” under NI 43-101. Mr. Leslie has approved
and consents to the inclusion of such information in this news release
in the form and context in which it appears.

The information in this news release that relates to coal quality and
process yield estimates to derive Marketable Coal Reserves is based on
information compiled by Mr. Gordon Mudryk, who is a Member of the
Association of Professional Engineers, Geologists and Geophysicists of
Alberta. Mr. Mudryk is a full-time employee of Coalspur. Mr. Mudryk has
sufficient experience which is relevant to the style of mineralisation
and type of deposit under consideration and to the activity he is
undertaking to qualify as a “Competent Person” as defined in the 2004
Edition of the JORC Code, and a “Qualified Person” under NI 43-101. Mr.
Mudryk has approved and consents to the inclusion of such information
in this news release in the form and context in which it appears.

The information in this news release that relates to Coal Resources on
Vista South is based on information compiled by Mr. John Innis, who is
a Member of the Association of Professional Engineers, Geologists and
Geophysicists of Alberta. Mr. Innis is a full-time employee of
Coalspur. Mr. Innis has sufficient experience which is relevant to the
style of mineralisation and type of deposit under consideration and to
the activity he is undertaking to qualify as a “Competent Person” as
defined in the 2004 Edition of the JORC Code, and a “Qualified Person”
under NI 43-101. Mr. Innis has approved and consents to the inclusion
of such information in this news release in the form and context in
which it appears.

Forward Looking Statements

This news release contains forward-looking statements concerning
Coalspur, including statements regarding Coalspur’s plans for its
mineral projects, development plans and timing, development and
operating costs, production, regulatory approvals, exploration and
development activities, and other matters. These statements relate to
analyses and other information that is based on forecasts of future
results, estimates of amounts not yet determinable and assumptions of
management. Actual results could differ materially from the
conclusions, forecasts and projections contained in these
forward-looking statements.

Statements concerning Mineral Resource Estimates may also be deemed to
constitute “forward-looking statements” to the extent that they involve
estimates of the mineralization that will be encountered if a given
property is developed. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as “expects”, “is
expected”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”,
“intends”, “strategy”, “goals”, “objectives”, “potential” or variations
thereof or stating that certain actions, events or results “may”,
“could”, “would”, “might” or “will” be taken, occur or be achieved, or
the negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking statements.
Forward-looking statements are subject to a variety of known and
unknown risks, uncertainties and other factors that could cause actual
events or results to materially differ from those reflected in the
forward-looking statements, including those referred to in the
Company’s Annual Information under the heading “Description of the
Business – Risk Factors”, and elsewhere.

Coalspur’s forward-looking statements are based on the beliefs,
expectations and opinions of management as of the date hereof and which
Coalspur believes are reasonable in the circumstances, but no assurance
can be given that these expectations will prove to be correct.  In
making the forward-looking statements the Company has applied several
material assumptions which may prove to be incorrect, including, but
not limited to: (1) that all required third party approvals will be
obtained for the development, construction and production of its
properties; (2) that additional financing will be available on
reasonable terms; (3) there being no significant disruptions affecting
operations, whether due to labour disruptions, supply disruptions,
power disruptions, damage to equipment or otherwise; (4) permitting,
development and expansion proceeding on a basis consistent with the
Company’s current expectations; (5) currency exchange rates being
approximately consistent with current levels; (6) certain price
assumptions for coal; (7) production forecasts meeting expectations;
(8) the accuracy of the Company’s current mineral resource and reserve
estimates; (9) labour and materials costs increasing on a basis
consistent with the Company’s current expectations; and (10)
assumptions made and judgments used in engineering and geological
interpretation.

Coalspur disclaims any intention or obligation to update or revise
forward-looking statements if circumstances or management’s beliefs,
expectations or opinions should change, except as required by law. For
the reasons set forth above, undue reliance should not be placed on
forward-looking statements.

SOURCE Coalspur Mines Limited