News

LOUISVILLE, KY, May 12, 2010 – Elgin Mining Inc. (TSX: ELG) (formerly Phoenix Coal Inc., TSX: PHC) (“Elgin” or the “Company”) reported its financial results for the three months ended March 31, 2010. The consolidated financial statements for the three months ended March 31, 2010 and notes thereto, along with Management's Discussion and Analysis are available at www.sedar.com and www.elginmining.com. Unless otherwise noted, all financial information is expressed in U.S. dollars.

LOUISVILLE, KY, May 5, 2010 – Phoenix Coal Inc. announced today that it has changed its name to Elgin Mining Inc. (“Elgin” or the “Company”) and consolidated its common shares on the basis of three pre-consolidation common shares for one post-consolidation common share. The Company’s common shares and warrants are expected to commence trading on a consolidated basis on the Toronto Stock Exchange under new symbols (ELG and ELG.WT, respectively) at the opening on or about May 10, 2010.

LOUISVILLE, KY, May 5, 2010 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”) announced today that the sale of the Gryphon reserve, which is comprised of the property leases controlled through the acquisition of Pact Resources, LLC and the Petersburg sublease, and certain other associated assets, to a major U.S. coal producer (the “Transaction”), closed on May 4, 2010.

LOUISVILLE, KY, March 26, 2010 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or the “Company”) announced it is transitioning the focus of the Company from coal mining to other natural resources after successfully divesting of its coal assets. Consistent with this change in focus, the Company will be changing its name to Elgin Mining Inc., pending shareholder approval, and installing Robert M. (Bob) Buchan as CEO in addition to his existing role as chairman. Unless otherwise noted, all reserves and resources are expressed in imperial tons, and all financial information is expressed in U.S. dollars.

LOUISVILLE, KY, March 26, 2010 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or the “Company”) reported its financial results for the fourth quarter and year ended December 31, 2009. The consolidated financial statements for the years ended December 31, 2009 and December 31, 2008 and notes thereto, along with Management's Discussion and Analysis are available at www.sedar.com and www.phxcoal.com. Unless otherwise noted, all reserves and resources are expressed in imperial tons, and all financial information is expressed in U.S. dollars.

LOUISVILLE, KY, March 17, 2010 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or the “Company”), announced today that it has entered into a definitive agreement to sell the Gryphon reserve, which is comprised of the property leases controlled through the acquisition of Pact Resources, LLC and the Petersburg sublease, and certain other associated assets (the “Gryphon Assets”) to a major U.S. coal producer (the “Acquirer”). The proceeds from the sale of the Gryphon Assets are US$23 million in cash (the “Transaction”).

LOUISVILLE, KY, February 24, 2010– Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or the “Company”) announced today that it has completed the sale of its Panama South property lease to a major U.S. coal producer. The proceeds from the sale of this non-core asset were US$10 million.

LOUISVILLE, KY, January 11, 2010 – Phoenix Coal Inc. (“Phoenix Coal” or the “Company”) (TSX: PHC) at the request of Market Surveillance, on behalf of the Toronto Stock Exchange, announces that the Company is not aware of any material undisclosed development at this time that would cause today’s upward movement in the Company’s share price. As previously disclosed, the Company is in the process of evaluating strategic alternatives for the Gryphon Mining Complex, including the possible sale of the asset to a third party.

LOUISVILLE, KY, November 10, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or the “Company”), announced today its financial results for the three- and nine-month periods ended September 30, 2009. Unless otherwise noted, all reserves and resources are expressed in imperial tons, and all financial information is expressed in U.S. dollars. U.S. dollar to Canadian dollar conversions are based on the exchange rate of US$1.0000 = C$1.0728 as at September 30, 2009. The consolidated financial statements and related management’s discussion and analysis can be found on SEDAR (www.sedar.com) or www.phxcoal.com.

LOUISVILLE, KY, October 1, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”) announced today that the sale of its surface mining operations (the “Transaction”) to Oxford Mining Company, LLC (the “Acquirer” or “Oxford”), a major privately-owned coal producer based in Ohio, closed on September 30, 2009.

LOUISVILLE, KY, August 14, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or the “Company”), announced today that it has entered into a definitive agreement to sell the Company’s ongoing surface mining business and reserves primarily in Muhlenberg County, Kentucky (the “Assets”), to a significant privately-owned, Ohio-based coal producer (the “Acquirer”). Upon completion of the Transaction, Phoenix’s assets will include a significant cash position and the Gryphon Mining Complex (“Gryphon”). In addition, the Company announced its financial results for the second quarter ended June 30, 2009. Unless otherwise noted, all mineral reserves and mineral resources are expressed in imperial tons, and all financial information is expressed in U.S. dollars.

LOUISVILLE, KY, August 7, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announces that it will host a conference call on Monday, August 17, 2009 at 8:30 a.m. ET to discuss the Company’s fiscal 2009 second quarter financial results and to provide an update on the review of strategic options for the Company. David Wiley, President and Chief Executive Officer, and Dustin Angelo, Chief Financial Officer, will co-chair the call. A press release announcing the quarterly results will be issued at 4:30pm ET on August 14, 2009.

LOUISVILLE, KY, July 8, 2009 - Phoenix Coal Inc. (TSX: PHC) ("Phoenix" or "the Company"), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today the Company has initiated a process to consider and respond to various strategic opportunities which may be available to the Company over the next few months including, but not limited to, asset sales, acquisitions, joint ventures and potential corporate transactions with other coal producers. Phoenix has retained Cormark Securities Inc. for the purpose of providing it with financial advice in evaluating these alternatives and executing any related transactions.

LOUISVILLE, KY, May 26, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today the Company has received a permit granted by the United States Army Corps of Engineers (“COE”) under Section 404 of the Clean Water Act (“404 Permit”) for its KO Mine. The issuance of the 404 Permit authorizes Phoenix to commence mine development and coal production on the KO property, effective immediately.

LOUISVILLE, KY, May 12, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today the completion and subsequent filing of an independent technical report (“the Report”) on the coal reserves at the Gryphon Mining Complex (“Gryphon”), which now includes the Pratt reserve, the recently-acquired Petersburg reserve, and the Panama South reserve. Phoenix controls 68.4 million tons of proven and probable coal mineral reserves at Gryphon.

LOUISVILLE, KY, May 4, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today its financial results for the three months ended March 31, 2009. Unless otherwise noted, all mineral reserves and mineral resources are expressed in imperial tons, and all financial information is expressed in U.S. dollars.

LOUISVILLE, KY, April 28, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announces that it will host a conference call on Tuesday, May 5, 2009 at 8:30 a.m. ET to discuss the Company’s fiscal 2009 first quarter financial results. David Wiley, President and Chief Executive Officer, and Dustin Angelo, Chief Financial Officer, will co-chair the call. A press release announcing the quarterly results will be issued at 4:30pm ET on May 4, 2009.

LOUISVILLE, KY, March 27, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal mineral reserves in the Illinois Basin, announced today it has entered into a sublease agreement with Petersburg Coal, LLC (“Petersburg”). The subleased mineral reserves are contiguous to Phoenix’s Gryphon Mining Complex, formerly known as the Pratt Mine.

LOUISVILLE, KY, March 18, 2008 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today its financial results for the fourth quarter and year ended December 31, 2008. Unless otherwise noted, all reserves and resources are expressed in imperial tons, and all financial information is expressed in U.S. dollars.

LOUISVILLE, KY, MARCH 4, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, today provided an update on the Company’s operations and an outlook for 2009.

The unaudited financial information is based upon management’s reasonable estimates and judgment. Audited results may vary materially. The Company expects to report its audited fiscal 2008 results after market hours on March 18, 2009, with an investor conference call to follow at 8:30am on March 19, 2009.

LOUISVILLE, KY, February 2, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today that the Company has resumed production at its mining operations after experiencing a temporary shutdown due to a severe ice storm last week that impacted most of the State of Kentucky. Approximately 75% of the counties in the state, including Western Kentucky, have been in a state of emergency since last Wednesday due to power outages and severely damaged infrastructure.

LOUISVILLE, KY, January 8, 2009 – Phoenix Coal Inc. (TSX: PHC) (“Phoenix” or “the Company”), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today the Company has received a permit granted by the United States Army Corps of Engineers under Section 404 of the Clean Water Act (“404 Permit”). With the 404 Permit, the Company has now secured all of the necessary permits to begin mining on the Radio Hill section of the Briar Hill surface mine (“Radio Hill”) in Muhlenberg County, Kentucky, effective immediately. During December 2008, Phoenix obtained a permit required under Section 401 of the Clean Water Act and a permit granted by the Kentucky Division of Surface Mining Reclamation and Enforcement for Radio Hill.

TORONTO, Dec. 29, 2008 -- Lawrence Asset Management Inc. ("LAMI") today announced its acquisition on behalf of funds it manages of 2,729,000 common shares of Phoenix Coal Inc. (PHC) representing approximately 1.8% of the total issued common shares of PHC. The PHC shares were acquired on the Toronto Stock Exchange at a price of $0.125. Combined with the PHC shares previously owned by funds managed by LAMI, LAMI now has control and direction over 17,089,073 common shares, representing approximately 11.39% of the total issued common shares of PHC.

LOUISVILLE, KY, Dec 17, 2008 -- Phoenix Coal Inc. (PHC) ("Phoenix Coal" or "the Company"), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, today announced that the Company was the recipient of five mine safety awards at the quarterly meeting of the Joseph A. Holmes Safety Association ("JAHSA"), Green River Council in Owensboro, Kentucky. Phoenix received two awards from JAHSA and an additional three awards from the Mine Safety and Health Administration ("MSHA").

LOUISVILLE, KY, Nov 14, 2008 -- Phoenix Coal Inc. (PHC) ("Phoenix" or "the Company"), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today its financial results for the three- and nine-month periods ended September 30, 2008.

LOUISVILLE, KY, Nov. 3, 2008 -- Phoenix Coal Inc. (PHC), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announces that it will host a conference call on Friday November 14, 2008 at 8:30 a.m. ET to discuss the Company's fiscal 2008 third quarter financial results. David Wiley, President and Chief Executive Officer, and Dustin Angelo, Chief Financial Officer will co-chair the call. A press release announcing the quarterly results will be issued at 7:00 a.m. ET that same day.

LOUISVILLE, KY, Oct. 6, 2008 -- Phoenix Coal Inc. (PHC), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today that certain subsidiaries have provided notice of force majeure to all of their customers due to permitting delays.

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LOUISVILLE, KY, Aug. 14, 2008 -- Phoenix Coal Inc. (PHC), a leading producer and consolidator of thermal coal reserves in the Illinois Basin, announced today its financial results for the three and six month periods ended June 30, 2008.

LOUSVILLE, KY, Aug. 5, 2008 -- Phoenix Coal Inc. (PHC), a leading producer and consolidator of steam coal reserves in the Illinois Basin, announced today that the Kentucky State Department of Natural Resources has issued a mine permit to Phoenix's subsidiary Pact Resources, LLC for its Pratt Mine in Webster County, Kentucky.