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July 22, 2014 - Toronto, Ontario - Corsa Coal Corp. (TSXV: CSO) (“Corsa” or the “Company”) is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the “TSXV”) of Corsa’s proposed acquisition of PBS Coals Limited pursuant to its agreement with, inter alia, Lybica Holding B.V., a wholly-owned subsidiary of OAO Severstal (the “Transaction”), as previously announced on July 15, 2014.

In conjunction with the conditional acceptance of the Transaction, Corsa is pleased to also announce that it has received conditional acceptance from the TSXV of (i) its proposed non-brokered private placement of approximately US$65 million of common shares of Corsa (the “Private Placement”) and (ii) its proposed US$25 million non-revolving term credit facility underwritten by Sprott Resource Lending Partnership (the “Facility”), all as previously announced on July 15, 2014. Final TSXV acceptance of the Transaction, Private Placement and Facility will occur upon Corsa satisfying certain ordinary conditions of the TSXV. 

Conference Call

Corsa hosted a joint investor conference call with Sprott Resources Corp. on July 15, 2014 to discuss the Transaction. The call is available for replay by dialing (855) 859-2056 (toll free) or (416) 849-0833 (reference number: 74742708) until July 28, 2014.

Information about Corsa

Corsa's primary business is the mining, processing and selling of metallurgical and thermal coal, as well as actively exploring, acquiring and developing resource properties consistent with its coal business.

Caution

Completion of the Transaction, Private Placement and Facility are subject to a number of conditions, including TSXV approval. There can be no assurance that the Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed by the Company, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Corsa should be considered highly speculative.

The TSXV has in no way passed upon the merits of the Transaction, Private Placement or Facility and has neither approved nor disapproved the contents of this press release.

For further information please contact:

The TSXV has in no way passed on the merits of this news release.  Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”) and which are based on the expectations, estimates and projections of management of Corsa as of the date of this press release unless otherwise stated. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. Some of the forward-looking statements may be identified by words such as “expects” “anticipates”, “believes”, “plans”, “projections”, “outlook”, “intends”, “may”, “could”, “would”, “might”, “will” and similar expressions. More particular and without limitation, this press release contains forward-looking statements and information concerning: the anticipated benefits of the transaction to Corsa and its securityholders, the timing and anticipated receipt of all necessary approvals, including TSXV approvals for the Transaction, Private Placement and Facility; and the ability of the parties to satisfy the conditions to, and to complete, the Transaction, Private Placement and Facility;

By their very nature, forward‐looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, and the risk that predictions and other forward‐looking statements will not prove to be accurate. Do not unduly rely on forward‐looking statements, as a number of important factors, many of which are beyond Corsa’s control, could cause actual results to differ materially from the estimates and intentions expressed in such forward‐looking statements. Risks and uncertainties inherent in the nature of the Transaction include the failure to obtain TSXV and other necessary approvals or to otherwise satisfy the conditions to the completion of the Transaction, Private Placement and Facility, in a timely manner, or at all. Failure to obtain such approvals, or the failure of the parties to otherwise satisfy the conditions to or complete the Transaction, Private Placement or Facility, may result in the Transaction not being completed on the proposed terms, or at all.

Forward‐looking statements speak only as of the date those statements are made. Except as required by applicable law, Corsa does not assume any obligation to update, or to publicly announce the results of any change to, any forward‐looking statement contained herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward‐looking statements.