NEMI Announces Development in Peace River Coal Partnership
Vancouver, BC, Canada – October 29, 2009 – NEMI Northern Energy & Mining Inc. (the "Company" or "NEMI" / TSX: NNE.A). NEMI reports that Anglo American plc ("Anglo American") announced last week a number of changes across its businesses, including the intended divesture of certain non-core assets. Peace River Coal Limited Partnership ("Peace River Coal"), 74.5% owned by Anglo American, 13.4% owned by Hillsborough Resources Limited, and 12.1% owned by NEMI Northern Energy & Mining Inc., has been identified as one of these non-core assets for divestment. The divestment of Peace River Coal will be undertaken in a manner and on a timetable that will maximize value for Anglo American while protecting the Peace River Coal business and the interests of its minority shareholders. To that end, Peace River Coal has appointed a committee of its shareholders to explore options and to make recommendations to its board of directors.
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NEMI Northern Energy & Mining Inc.
(T) 604 684-1554
(T) 415 339-8825
(F) 604 684-1556