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CONTINENTAL COAL LTD - Corporate Update

PR Newswire

London, October 10

10 October 2014Company Announcements OfficeAustralian Securities ExchangeLevel 6, 20 Bridge StreetSYDNEY NSW 2000Via E Lodgement Corporate UpdateThe board of Continental Coal Limited (ASX:CCC; AIM:COOL)("Continental" or "theCompany") wishes to advise shareholders that subsequent to the completion ofthe Rights Issue (see ASX announcement dated 30 September 2014) it has beenpresented with offers from third parties interested in acquiring its 74%interest in South African subsidiary Continental Coal Limited SA ("CCL SA").The offers include proof of funds and are also of a quantum which provides forthe satisfaction of key debts at both the parent and 74% subsidiary level(namely ABSA and EDF) in accordance with negotiations that have been ongoingsince the new Board was appointed in February 2014. The offers (if accepted andcompleted) would leave the company with excess cash reserves at its disposaland the ability to pursue new opportunities that have been presented to it.Currently the Board is finalising legal advice with regards to a scenariowhereby an accepted offer is announced and Shareholders are then offered theopportunity to have their funds returned from the Rights Issue, remain in anew raising by way of a supplementary prospectus or participate in the newraising given the change in circumstances which some Shareholders may want toparticipate in as opposed to the previous Rights Issue.It is expected that an announcement detailing the outcome of thisconsideration, together with advice received, will be released to the ASX and AIM on orbefore Tuesday 14 October 2014.For and on behalf of the BoardPeter LandauExecutive DirectorFor further information please contact:Investors | Shareholders Media (Australia)Peter Landau David TaskerContinental Coal Limited Professional Public RelationsT: + 61 8 9488 5220 T: +61 8 9388 0944E: peter@conticoal.com E : David.Tasker@ppr.com.auNominated Advisor Brokers(UK)Oliver Morse/Trinity McIntyre Jonathan WilliamsRFC Ambrian Limited RFC Ambrian LtdT: +61 8 9480 2500 T : +44 203 440 6817About Continental Coal LimitedContinental Coal Limited (ASX:CCC/AIM: COOL) is a South African thermal coalproducer with a portfolio of projects located in South Africa's major coalfields including two operating mines, the Vlakvarkfontein and Penumbra CoalMines, producing approx. 2Mtpa of thermal coal for the export and domesticmarkets. A Feasibility Study was also completed on a proposed third mine, theDe Wittekrans Coal Project with a mining right granted in September 2013.Forward Looking StatementThis communication includes certain statements that may be deemed"forward-looking statements" and information. All statements in thiscommunication, other than statements of historical facts, that address futureproduction, reserve potential, exploration drilling, exploitation activitiesand events or developments that the Company expects to take place in the futureare forward-looking statements and information. Although the Company believesthe expectations expressed in such forward-looking statements and informationare based on reasonable assumptions, such statements are not guarantees offuture performance and actual results or developments may differ materiallyfrom those in the forward-looking statements and information. Factors thatcould cause actual results to differ materially from those in forward-lookingstatements include market prices, exploitation and exploration successes,drilling and development results, production rates and operating costs,continued availability of capital and financing and general economic, market orbusiness conditions. Investors are cautioned that any such statements are notguarantees of future performance and actual results or developments may differmaterially from those stated. South Africa AustraliaT +27 11 881 1420 F +27 862064487 T +61 8 9488 5220 F +61 8 9324 3400 www.conticoal.com www.conticoal.com9th Floor Fredman Towers, 13 Fredman Ground Floor, 1 Havelock Street, West Drive, Sandton 2196 Perth, WA 6005 PO Box 787646, Sandton 2146 PO Box 684, West Perth, WA 6872Interim Executive Chairman: Dr Paul D'Sylva Interim Executive Director: Mr Peter Landau

Non-Executive Directors: Mr Connie Molusi and Dr Lars Schernikau