Pacific Coal Resources Ltd. Announces Default in Filing Interim Financial Statements

TORONTO, ON / ACCESSWIRE / December 1, 2015 / Pacific Coal Resources Ltd. (TSXV: PAK) announced today that it has filed a material change report in respect of the Company’s default in filing interim financial statements, management’s discussion and analysis, and certifications for the three and nine-month period ending September 30, 2105 which were due to be filed on November 30, 2015 as required under National Instrument 51-102 Continuous Disclosure Obligations (the “Third Quarter Interim Financial Statements“).

In connection with the Company’s inability to file the Third Quarter Interim Financial Statements on time, the Canadian securities regulators may issue a cease trade order. The Company has applied to applicable Canadian securities regulators requesting that if a cease trade order is issued, it be a management cease trade order (which restrains trading in the Company’s securities by certain Company insiders) as opposed to an issuer cease trade order (which restricts all trading in the Company’s securities).

Due to a loss of key personnel charged with the preparation of the financial statements and a delay in obtaining key operational information from a contractor, additional time is required to complete the filing. The Company is working diligently to file the Third Quarter Interim Financial Statements in an expedient manner. The Company currently expects to file the Third Quarter Interim Financial Statements within a relatively short time period but no later than two months, during which time the Company will provide bi-weekly default status reports in accordance with Section 4.4 of National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults.

About Pacific Coal Resources Ltd.

Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company’s common shares are listed on the TSX Venture Exchange and trade under the symbol “PAK”.

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.

Melissa Krishna
Deputy General Counsel & Secretary
(416) 360-8725

SOURCE: Pacific Coal Resources Ltd.

ReleaseID: 434204