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Longview Capital Partners Congratulates Waratah on Coal Resource

Thursday, September 13th, 2007

Longview Capital Partners Inc. congratulates Waratah Coal on its recent acquisition of a 675 million-tonne coal resource in the Galilee Basin in Australia. Waratah successfully applied for a permit over the North Alpha area, which had been drill-tested in the 1970’s. While in application, Waratah commissioned an independent resource estimate from SRK Consulting. SRK estimated the 675 million-tonne inferred resource of low-sulphur thermal coal and suggested additional resources could be found in the southern portion of the permit. This acquisition positions Waratah as a much larger company, especially considering this resource is near-surface with little to no faulting to disturb the coal seams. International thermal coal prices are currently in the range of US $50 to $60 per tonne.
Furthermore, Waratah has completed 48 holes at its South Alpha licence in order to define another inferred resource estimate on the same coal seams that make up the 675 mt North Alpha resource. SRK is currently reviewing drill data and a resource estimate for the South Alpha permit is expected shortly. The Alpha area is well known for large coal deposits – Hancock Prospecting Ltd’s 2.1 billion tonne coal deposit is sandwiched between Waratah’s North and South Alpha properties.
Longview Capital assisted Waratah Coal with its initial listing on the TSX-Venture Exchange in December 2006 and remains a significant shareholder in the company. Waratah’s strategy of building a dominant land position around Hancock Prospecting’s substantial deposit is now demonstrating value, including the staking of a permit covering 675 million tonnes of coal already defined by previous operators.
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