Coalcorp Provides Update on Offering

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DISSEMINATION IN THE UNITED STATES/

TORONTO, May 15 /CNW/ - In connection with its proposed public offering, Coalcorp Mining Inc. (TSX-CCJ) announced today that prior to pricing of the offering, which was to occur this morning, it had received a communication from one of its major shareholders that the shareholder intends to make a formal alternative financing offer to the company. As a result of such communication, the company has determined to delay the pricing of the offering to consider such offer if and when it is received. Investors are cautioned that there is no assurance that any formal alternative financing offer will be made by such shareholder at all or in a timely manner or will be made on terms acceptable to the company. In addition, any such financing offer by the major shareholder may be subject to shareholder approval and any other regulatory approvals.

Coalcorp is a coal mining, exploration and development company with interests in the La Francia and La Caypa coal mines and related infrastructure projects and a number of coal exploration properties, all located in Colombia. Further information can be obtained by visiting our website www.coalcorp.ca.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Peter Volk
General Counsel & Secretary
(416) 360-4653