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Coalspur completes C$44.4 million public offering

Coalspur Mines Limited (ASX: CPL, TSX:CPT) is pleased to announce that it has successfully completed its public offering of 24 million ordinary shares of the company at an issue price of C$1.85 per ordinary share for gross proceeds of C$44.4 million. This was announced to the market on April 13, 2011. In addition to the public offering, the previously  announced private placement of 6 million ordinary shares at C$1.85 each to raise a further C$11.1 million, before costs , is expected to be completed in June 2011. The private placement is being made to the Highland Park Group, a strategic shareholder of the company.

Commenting on the completion of the Public Offering, Gene Wusaty, Managing Director and CEO said, “We have an exciting few months ahead of  us now with impending results from a number of recent activities and the rapid progression of the Bankable Feasibility Study.” “We will also be bringing forward a number of key activities that have the potential to enhance the production profile and value of the Vista Coal Project whilst we continue to grow the Company’s profile in the North American investment community.”

Coalspur Mines Limited is a coal exploration and development company with over 32,000 hectares of coal exploration leases located within the Hinton region of Alberta, Canada. Coalspur’s flagship coal project is the Vista Coal Project which has the potential to be one of the largest export thermal coal mines in North America. The Vista Coal Project covers approximately 8,700 hectares and contains over 20km of continuous gently dipping strike length and a Measured and Indicated Coal Resource base of over 800 million tonnes of low sulphur, high volatile bituminous, export quality thermal coal.