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Cline Mining Corporation (TSX: CMK.TO) Halting Production at Coal Mine Property in Colorado, Can Shares Survive?

Posted on July 11, 2012 by OTC Equity

Five days after Cline Mining Corporation (TSX: CMK.TO) completed and filed an updated resource estimate for the New Elk coal mine property which showed 618.9 million tons of Measured and Indicated coal resource, an increase of 230.4 million tons, or 59%, production at the metallurgical coal mine in southern Colorado has been halted as the company reviews its strategic alternatives. Back on July 6, 2012 Ken Bates, CEO of CMK.TO, stated "We are very pleased with the substantial resource increase at New Elk. This latest resource update further demonstrates that the New Elk coal mine property is a significant asset that the Company expects will produce considerable amounts of coal over a very long mine life." Now the question is will the company survive. Shares have nosedived, falling to a 52-week low of 0.340 on Wednesday and there have been few signs to indicate the bleedi...

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