re: Ann: Appointment of CEO and Update on Fin... 11 May 2010The...

re: Ann: Appointment of CEO and Update on Fin... 11 May 2010
The Manager
Company Announcements
Australian Securities Exchange Limited
Level 6, 20 Bridge Street
Sydney NSW 2000
By e-lodgement
HIGHLY EXPERIENCED COAL MINING PROFESSIONAL APPOINTED AS CHIEF EXECUTIVE OFFICER
UPDATE ON COMPANY FINANCINGS AND MINING ACTIVITIES AT VLAKVARKFONTEIN
Key points:

South African coal mining executive Lodewyk Don Turvey appointed Chief Executive Officer of Continental Coal;

Mr Turvey has more than 25 years experience and knowledge in the South African COAL mining industry, having held senior executive corporate and operational management roles with BHP Billiton Energy Coal SA, INGWE, Delmas Colliery and Koornfontein Mines;

Previously announced financings of up to US$67M remain on track for execution of loan documentation and first cash advance due by the end of May 2010; and

First coal production from Vlakvarkfontein on schedule for the end of this week.
South African focused coal producer Continental Coal Limited (ASX: CCC) (Continental or the Company) has reached a significant milestone in the development of Continental from an exploration to an established coal production company, with the appointment of Lodewyk Don Turvey as the Companys inaugural Chief Executive Officer.
Mr Turvey, 52, brings with him more than 25 years experience and knowledge in the South African mining industry, having held senior management and operational roles with BHP Billiton Energy Coal SA, INGWE and the Delmas and Koornfontein Mines, both of which are located near to Continentals Vaalbank, Project X and Vlakplaats export thermal coal mining projects.
Continental Coal believes the appointment of such a well credentialed and experienced Chief Executive Officer will be central to the success of Continental Coal as it grows its South African coal portfolio and enters production said Peter Landau, Executive Director of Continental Coal.
Prior to his appointment at Continental Coal, he held the position of Chief Executive Officer of Scinta Holdings Limited for two years, where he was responsible for growth of the coal business in South Africa, Southern Africa and other key supply regions.
In his previous role at BHP Billiton he was responsible for major projects ranging from US$50M- US$1000M, JV negotiations, Eskom Contract Negotiations, Support to other Energy Coal Projects, BECSA Mineral Resource Management, Energy Coal and BECSA Commercial & Corporate Support. During this time he gained project exposure in countries like Indonesia, USA and Australia.
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Mr Turvey has a Bachelor in Mining Engineering from the University of Pretoria and a masters degree in Business Leadership from the University of South Africa.
He is actively involved in the South African coal mining industry and is a Member of the South African Institute of Mining and Metallurgy, a Member of the Minerals Education Trust Fund and he also serves on the Pretoria University Mining Advisory Council.
Mr Turvey is also a past President of the South African Colliery Managers Association.
Financing Update
Continental Coal recently announced export thermal coal off-take agreements and up to US$40M funding agreements with EDF Trading, plus an additional US$27M (ZAR200M) funding agreement to be entered into with a South African based investment consortium (refer ASX announcement dated 19 April 2010).
Due diligence and loan documentation negotiations have progressed over the month and are scheduled to be completed within two weeks. First drawdown of funds under these agreements are forecast to be made on or before 30 May 2010.
The financing agreements will allow Continental to fund the outstanding acquisition costs and meet the development costs of its Vaalbank, project X and Vlakplaats coal mines in South Africa.
Vlakvarkfontein Update
As announced to the market on 30 March 2010 the Company has commenced mining activities at its Vlakvarkfontein coal mine and expects to commence coal sales in May 2010.
Mining activities have continued throughout April and May with mining contractor, TMS due to commence coal production from the No. 4 Coal Seam later this week. First coal sales are forecast to be as early as the end of May. Further updates of progress at Vlakvarkfontein will be announced shortly.
Ends
For further information:
Peter Landau
Executive Director
Continental Coal Limited
Ph: + 61 8 9488 5220
Em: [email protected]
David Tasker
National Director, Investor Relations
Professional Public Relations
Ph: +61 8 9388 0944/ +61 433 112 936
Em: [email protected]
W: www.conticoal.com
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Background
Continental Coal Limited (ASX:CCC) is a new Junior South African Coal exploration and development company. Continental has over 395 million tonnes of resources of coal on its South African properties. It expects production at its predominantly export thermal coal mines at Vaalbank, Project X and Vlakplaats to commence in 2011, at the rate of over 300,000 tonnes per month of export coal. Continental was formed to take advantage of the robust domestic and global demand for coal, with particular focus on South Africa, Botswana, Mozambique and Zimbabwe. Continental Coal is looking to enter production this quarter at its Vlakvarkfontein coal mine.
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BUSINESS PROFILE OF DON TURVEY
Name: Don Turvey
Position: Chief Executive Officer
Company: Continental Coal Limited
Don graduated in 1983 with a BSc in Mining Engineering at the University of Pretoria. He started his career with Trans Natal as a Student Mining Engineer in 1984 at Matla Colliery where he qualified and worked as a Miner, Shift boss and Mine Overseer. He then moved to the T-Project as a project Engineer and then on to Head Office as Senior Project Engineer and worked on a variety of projects for the Company.
In 1991 he was promoted to Project Manager at Koornfontein Mines and Manager of Defunct Operations which gave him a very broad exposure to the differing company issues. During that time he graduated with a Masters in Business Leadership at the University of South Africa.
In 1995 he was promoted to Operational Manager at Koornfontein mines and later in 1997 to General Manager at Delmas Colliery where he was responsible for underground and opencast coal mining operations producing in excess of 9.5Mtpa of domestic and export thermal coal.
After 2 years at Delmas, Don moved to the position of Group Manager Projects in the Ingwe Head Office and in 2004 was promoted to Vice President Project Development for BHP Billiton Energy Coal South Africa (BECSA).
In his previous role at BHP Billiton he was responsible for major projects ranging from US$50M- US$1000M, JV negotiations, Eskom Contract Negotiations, Support to other Energy Coal Projects, BECSA Mineral Resource Management, Energy Coal and BECSA Commercial & Corporate Support. During this time he gained project exposure in countries like Indonesia, USA and Australia.
Prior to joining Continental Coal, he was Chief Executive Officer of Scinta Holdings Limited a junior coal mining company with offices in Mauritius, Johannesburg and Sydney, where he was responsible for the growth of the coal business in South Africa, Southern Africa and other key supply regions.
Don is actively involved in the Industry and is a Member of the South African Institute of Mining and Metallurgy, a past President of South African Colliery Managers Association a member of the Minerals Education Trust Fund and serves on the Pretoria University Mining Advisory Council.
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Ends
Yours faithfully
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