FOR IMMEDIATE RELEASE

EUB APPROVES GRANDE CACHE COAL COMPANY'S APPLICATION TO TAKE OVER MINING OF B2 PIT

Calgary, Alberta (May 15, 2003) The Alberta Energy and Utilities Board (EUB) has approved an application from Grande Cache Coal Company Inc. to extend its mining permit in the Grande Cache area. This will allow the company to mine the approved 12 South B2 Pit development previously operated by Smoky River Coal Limited, which went into receivership in March 2000.

The B2 Pit development is located 20 kilometres north of Grande Cache in the Municipal District of Greenview, within Townships 58, Ranges 9 and 10, west of the 6^th meridian.

Approximately 3.1 million tonnes of coal remained in the B2 Pit when Smoky River Coal Limited went into receivership. Effectively, Grande Cache Coal Company Inc. will now complete the work Smoky River Coal Limited began. There will be no change in how the pit will be mined.

As a result of work already undertaken by Smoky River Coal Limited prior to receivership, maximum land disturbance related to the B2 Pit has already occurred. The EUB believes that the removal of the remaining coal reserves will facilitate appropriate reclamation of the pit and waste dump by Grande Cache Coal Company Inc.

The Alberta Energy and Utilities Board ensures that the discovery, development, and delivery of Alberta's resources and utilities services take place in a manner that is fair, responsible, and in the public interest.

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This news release is available on the EUB Web site at http://www.ercb.ca

For more information, please contact:

Greg Gilbertson, Section Leader
EUB Communications
Phone: 403-297-3648     Fax: 403-297-3757

Email: greg.gilbertson@gov.ab.ca

NR 2003-22