Vunene - a subsidiary of IchorCoal - signs long term Coal Supply Agreement (CSA) with South African Electricity Utility Eskom

- Shipment of 2,4 Million tons of steam coal per year confirmed

- 'Next step in strategic partnership'

Berlin, March 8th 2013: Vunene Mining Pty Ltd., with its Colliery Usutu mine, a subsidiary of IchorCoal, signed a contract with Eskom, the South African Electricity Utility for the shipment of about 2.4 Million tons of steam coal per year to Eskom's Camden power station which is located just two miles away from Vunene's Usutu Colliery. The contract is based on the already long-lasting supplier relationship between Eskom and Vunene. 'This contract is the next step in our strategic partnership with Eskom and its Camden power station', says Xolile Mdolo, the Board Member of Vunene.' As part of the ongoing relationship Vunene will proceed with its activities to re-open the underground section of the Usutu Colliery and this will ensure a partnership between Eskom and Vunene for the lifespan of the Power Station.' During the closing time of the mine, the underground mine was maintained by Vunene under contract with Eskom.

Eskom is the largest electricity provider in Africa. Its Camden power station has a capacity of 1,600 MW per year. Its demand of steam coal sums up to more than 6 million tons per year. Up to 40 per cent of it will be delivered from the end of this year from Vunene Mining. With the contract the Camden power station will take roughly two thirds of the Vunene's annual production. The steam coal will be delivered from Vunene's open cast mines. In addition, an agreement in principle has been reached that with the reopening of Vunene's underground mines, the majority of this coal is also earmarked for Eskom.
The underground section was until 1991 one of the largest single producer of coal in South Africa and was owned by Eskom. It closed down in 1991 when the Camden Power Station was mothballed. In 2008 Vunene Mining acquired the mining rights and is now in final negotiations to take over the responsibility including the old infrastructure in the mine from Eskom. Then the preparations for the refurbishment and reopening will begin.

'This contract demonstrates the good and trustful cooperation between Eskom and Vunene Mining', says IchorCoal's CEO Heinz Schernikau. 'It backs up our plan to become one of the important coal producers in South Africa.'

The Management Board

About ICHOR COAL N.V.

ICHOR COAL N.V. is an internationally operating mineral-resource-company specializing in investments in coal resources as well as in other projects in the field of coal logistics and coal handling along with coal trading via its marketing arm HMS Bergbau AG. The company is aiming to secure own coal-resources, to gain control along the value chain and to sell the produced coal on the international markets. In consideration of the global rise in demand for coal, market chances are vast and entrepreneurial action is essential and bears excellent prospects. The company is led by its CEO Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time experience in the commodity sector.

Forward-looking statements

This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may', 'potential', 'should' and similar expressions are forward-looking statements. Although ICHOR believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company's projects will experience technological and mechanical problems, that geological conditions in the reservoir may not result in commercial levels of oil and gas production, that changes in product prices can have a material impact and that ICHOR fails to raise sufficient capital to adequately fund its activities.

Contact:

ICHOR COAL NV Thomas Luber
NewMark Finanzkommunikation
An der Wuhlheide 232 Zum Laurenburger Hof 76
12459 Berlin 60594 Frankfurt
Germany
phone: +49 30 65 66 81 60 +49 69 94418069
FAX: +49 30 65 66 81 15 mobil: +49 171 8311216

info@ichorcaol.com Thomas.luber@newmark.de
www.ichorcoal.com