TORONTO, ONTARIO--(Marketwire - May 15, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

In connection with its previously announced public offering, Coalcorp Mining Inc. (TSX:CCJ) announced today that it has now entered into an agreement with GMP Securities L.P. pursuant which GMP has agreed to purchase, on a bought deal basis, 66.7 million units of Coalcorp at a purchase price of $1.80 per unit, for aggregate gross proceeds to the company of $120,060,000 million. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to subscribe for an additional common share of Coalcorp at a price of $2.50 on or before the date that is five years following the closing date of the offering. The offering may be syndicated by GMP.

Coalcorp plans to use the net proceeds of the offering to carry-out the company's strategic plan as described in detail in the company's press release dated May 14, 2008.

The company has also granted to GMP an option, exercisable in whole or in part for a period of 30 days following the closing date of the offering, to purchase up to an additional 10,000,000 million units at the offering price. If the over-allotment option is exercised in full, the total gross proceeds of the offering will be approximately $138.0 million.

The units to be issued under the offering will be offered by way of a short form prospectus in Ontario, Alberta, British Columbia and Manitoba and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

The offering is scheduled to close on or about June 5, 2008 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange and applicable securities regulatory authorities.

Further to the company's press release of earlier today, Coalcorp did receive and consider an alternative financing proposal from a major shareholder of the company. However, the board of directors determined that the bought deal offering outlined above was superior and in the best interests of Coalcorp.

The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements. This release does not constitute an offer for sale of securities in the United States.

Coalcorp is a coal mining, exploration and development company with interests in the La Francia and La Caypa coal mines and related infrastructure projects and a number of coal exploration properties, all located in Colombia. Further information can be obtained by visiting our website www.coalcorp.ca.

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. Actual results may differ materially from those currently anticipated. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements are detailed from time to time in the company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. The company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION PLEASE CONTACT:

Coalcorp Mining Inc.
Peter Volk
General Counsel and Secretary
(416) 360-4653


Website: www.coalcorp.ca