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The Company continues to build appropriate Life Of Mine operating schedules and new financial and cost analysis for the project, and expects to
<br />formalize this review and production plan at the time that it resumes production.
<br />David Stone, Chief Operating Officer of New Elk, commented: "The results of the review have clearly demonstrated that the resource can be
<br />transformed into a world class mining complex. The entire plan has been built from first principles taking into account geology, equipment and
<br />infrastructure. A detailed implementation action plan inclusive of all required factors including safety, human resources, financials, logistics, engineering
<br />and maintenance is well underway for the entire operation and we are confident that upon the securing of an off -take agreement the projected plan will
<br />be achieved."
<br />About Cline
<br />Cline has metallurgical coal property interests in Colorado, U.S.A. with NI 43 -101 independent Technical Reports. Cline Mining Corporation is focused
<br />on the exploration and development of metallurgical steel making coals in the U.S., and on its iron ore property in Madagascar and its Cline Lake gold
<br />property in northern Ontario, Canada.
<br />Forward - Looking Statements
<br />This press release contains forward - looking statements (including "forward- looking information" within the meaning of applicable Canadian securities
<br />legislation and "forward- looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other
<br />things, the operations of the Company, the environment in which it operates and the Company's future financial and operating performance. Generally,
<br />forward - looking statements can be identified by the use of words such as "plans ", "expects" or "does not expect ", "is expected ", "budget ", "scheduled ",
<br />"estimates ", "forecasts ", "intends ", "anticipates" or "does not anticipate ", or "believes ", or variations of such words and phrases or statements that
<br />certain actions, events or results "may ", "could ", "would ", "might" or "will be taken ", "occur" or "be achieved ". Such statements are based on
<br />assumptions, estimates, forecasts and projections made in light of the trends, conditions and expected developments that are considered to be relevant
<br />and reasonable in the circumstances at the date that such statements are made. Forward - looking statements are not guarantees of future performance
<br />and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond
<br />the control of the Company. A number of factors and assumptions may cause actual results, level of activity, performance or outcomes of the Company
<br />to be materially different from those expressed or implied by such forward - looking statements including, without limitation, the future price of coal, the
<br />estimation of mineral reserves and resources, capital, operating and exploration expenditures, costs and timing of future exploration, requirements for
<br />additional capital, government regulation of mining operations, environmental risks, reclamation expenses, title disputes or claims, limitations of
<br />insurance coverage and the timing and possible outcome of pending litigation and regulatory matters and other risks set forth in other public filings of
<br />the Company. Consequently, undue reliance should not be placed on such forward - looking statements. In addition, all forward - looking statements in
<br />this press release are given as of the date hereof. The Company disclaims any intention or obligation to update or revise any forward - looking
<br />statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
<br />Head office:
<br />Brookfield Place, 181 Bay Street, 3rd Floor, Clarkson Gordon Heritage Building, Toronto, ON, M5J 2T3
<br />SOURCE: Cline Mining Corporation
<br />For further information:
<br />Ken Bates, President and CEO
<br />Office: (416) 504 -7600
<br />Email: kbates @clinemining.com
<br />Belinda Labatte
<br />Greg DiTomaso
<br />The Capital Lab
<br />Office: (647) 438 -2193
<br />Email: investor @clinemining.com
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