Coalcorp Announces Exercise of Over-Allotment Option

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR

DISSEMINATION IN THE UNITED STATES/

TORONTO, June 27 /CNW/ - Coalcorp Mining Inc. (TSX: CCJ.TO) announced today that the over-allotment option granted to the underwriters in connection with the company's public offering of units was exercised in respect of 10,000,000 common shares and 10,000,000 warrants for additional gross proceeds of $18,000,000, bringing the aggregate gross proceeds to Coalcorp under the offering to $138,060,000. The initial issue and sale of 66,700,000 units (each unit comprised one common share and one warrant) was completed on June 5, 2008. The securities were sold through a syndicate of underwriters led by GMP Securities L.P. and included Canaccord Capital Corporation, Loewen, Ondaatje, McCutcheon Limited and Macquarie Capital Markets Canada Ltd.

The units, common shares and warrants have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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.

Contacts

Michael Davies
Chief Financial Officer
(416) 360-4653