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Coalcorp Provides Port Update

Monday, October 22nd, 2007

Coalcorp Mining Inc. announce that several alternatives were being analyzed within the Colombian council of ministries and the president’s office to find a quick solution to the port that will be built on the Caribbean coast of Colombia by Coalcorp. Hernan Martinez, Minister of Mines, stated in a press conference yesterday, “We have made important progress in the meetings these last days … and what has come out is a solution in the area in Barranquilla at the mouth of the Magdalena River that is an optimum site. Coalcorp and the government have identified three alternatives that are under analysis and at an upcoming meeting at the president’s office will be finalized.” He went on to state, “Part of the incentives that we are offering Coalcorp include not only the site but a potential of free zone status that brings reductions in income taxes from 33% to 15% annually and also tot al exoneration of import duties and VAT tax on all equipment needed for the construction of the port that will come into the country.”
Serafino Iacono, Coalcorp’s Chief Executive Officer has said that he is very pleased by the prompt and effective resolution of this issue on the part of President Uribe and his government. “We expect to finalize the choice of alternatives in the coming weeks.”

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