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Canada Newswire  08/29/2014 7:53 PM ET
Pacific Coal Resources Ltd. Announces 2014 Second Quarter Financial Results and Operational Update

TORONTO, Aug. 29, 2014 /CNW/ - Pacific Coal Resources Ltd. (TSXV: PAK) has filed its unaudited consolidated financial statements for the three months ended June 30, 2014, together with its management's discussion and analysis ("MD&A") for the corresponding period. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted. These documents will be posted on the Company's website at www.pacificcoal.ca and under the Company's profile at www.sedar.com.

Hernan Martinez, Executive Chairman, commented: "In the second quarter of 2014, we were able to maintain year to date general and administrative expenses below forecasted amounts and further ramp up south pit production at La Caypa. We are also currently negotiating a joint venture at Cerro Largo that is expected to provide the Company with a steady cash flow. We aim to further develop the south pit at La Caypa to maximize its coal production and strengthen our focus on core assets by disposing off the remaining interest in the Barranquilla port."

Financial and Operating Summary

A summary of the financial and operating results for the second quarter of 2014 is as follows:

 

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(000's except per share and operating data) Second Quarter
2014 2013
Operational    
Tonnes of coal produced(1) 279,593 398,865
Average stripping ratio - operations 14.09:1 8.28:1
Tonnes of coal sold 229,276 349,818
Average realized thermal coal price per tonne sold (2) $                                   95.39 $                           106.05
Operating margin per tonne sold (2) $                           (14.91) $                               13.60
     
Financial    
Revenues $                               22,289 $                           37,100
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") (2) (4,917) 3,112
Earnings (loss) from operations (6,578)
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