Announces 2008 RESULTS FOR PEACE RIVER COAL
Vancouver, B.C. March 3, 2009 - NEMI Northern Energy & Mining Inc. (TSX: NNE.A) (“NEMI” or the “Company”) announces today the 2008 operating results for the Peace River Coal Limited Partnership. The Company holds a 12% interest in the partnership. Peace River Coal commenced commercial production of high quality coking coal in January 2008 at its Trend Mine in British Columbia. Revenue from coal sales for the year was C$150 million with a net income of C$1 million. Total coal production for the year was 772,000 tonnes of which 632,000 tonnes were metallurgical coal and 140,000 tonnes were thermal coal. The average price achieved for 2008 was US$194 per tonne FOB for the coal product mix of metallurgical and thermal coal sales.
Peace River Coal is near to completing a C$104 million capitalisation programme to acquire and operate its own mining equipment fleet. By carrying out its own mining operations, Peace River Coal expects to increase production and significantly reduce its operating costs per tonne.
NEMI Northern Energy & Mining Inc.
P. C. DEVLIN, President
Cautionary Statement Regarding Forward-Looking Information
NEMI IS SOLELY AND ENTIRELY RESPONSIBLE FOR THE CONTENTS OF THIS NEWS RELEASE.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forwardlooking statements are based on estimates and opinions of management at the date the statements are made. The Company does not undertake any obligation to update forward-looking statements even if circumstances or management’s estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.