Equity Research Report On Colombia Clean Power and Fuels

RESEARCH REPORT
THE RESEARCH W ORKS INITIAL REPORT • April,18, 2011

www.researchworks360.com
RIGOROUS EQUITY ANALYSIS SINCE 1992
MINING REPORT WITH
www.miningalmanac.com
OTCBB: CCPF.OB INDUSTRY:

181 3rd Street
Coal Mining &
Coke Production
Colombia Clean Power and
Suite 150
San Rafael, CA PHONE: (415) 460-1165 Fuels Inc.
94901 Developing metallurgical coal reserves and planning coal upgrading
http://www.colombiacleanpower.com facilities in Colombia.
Recent Developments Company Description

The Company announced the completion of Colombia Clean Power & Fuels, Inc. (“CCPF” or the “Company”) aims to be a vertically-
an $8M round of external financing in the integrated coal, coke and clean power producer in Colombia. Initial operations will include
fourth quarter of 2010. Core drilling began mining high-grade metallurgical coal and producing coke.
on existing concessions in November 2010,
and a resource report may be completed by
Investment Highlights
the 4th quarter.
Properties
CCPF is acquiring extensive metallurgical coal acreage in the Andean foothills. Through the
Forward-looking Valuation use of deferred payouts and revenue-sharing agreements, the Company has been able to build
a large land position with only modest shareholder dilution. To date, CCPF has acquired
Based on a peer valuation model and the three mining concessions for 7,000 hectares, has agreements for three more totaling 3,000 ha
Company’s preliminary estimates of coal pending due diligence, and has applications pending for 11 more totaling 60,000 ha.
resources, the benchmark equivalent share
price for CCPF would be over $4.00 once a Exploration & Improvement Potential
formal resource report is in hand. A $5.5 million, 20,000 meter drilling program is ongoing, with the goals of formally quantifying
a resource by Q4 2011 and preparing a bankable mine feasibility study. Current exploration
Speculating further, based on management’s efforts are focused on the new Otanche block which could be brought into production quickly
goal of 300kt of annual production by 2012, because it has existing environmental licenses.
the benchmark price could be near $6.00 per
share. Plans for Coke Production & Other Facilities
Further plans call for breaking ground in 2012 on a $25M, 200,000 tonne-per-annum, heat-
We will eagerly await the resource report and recovery coke plant using modular technology that could be replicated in a series of plants. The
feasibility study later this year to confirm these management team has longer-term intentions to pursue additional coal-upgrading facilities and
early resource and production estimates. to construct a clean energy complex using local coal feedstock.
Politics
Colombia has become business-friendly in recent years and opened up to foreign investment
(ranked #5 by the World Bank for investor protections, sovereign debt considered investment
grade). The government recently began offering rights to mine in previously inaccessible
regions.
Apr 18 2011 CLOSE: $2.45 MARKET DATA SELECTED BALANCE (approx. as of Dec 31, 2010)
CCPF - 1 year average SHEET DATA
$3.00
$2.40 52-week price range: $1.20 - 2.35 Cash & equivalents $5.0m
Average volume (3m): 117 Mining concessions $2.0m
$0.80 Total Assets $8.2m
Common shares (approx.): 22.3m Accounts payable & accrued liab. $1.2m
$1.20
Fully diluted shares (4.2011) 29.0m Convertible notes $2.9m
$0.60 Market capitalization: $ 53.9m Total Liabilities $ 7m
$0.00
Sep Dec Feb Apr
Research 360, GmbH • www.researchworks360.com/colombia-clean-power-and-fuels-(ccpf)

MINING REPORT IN CONJUNCTION WITH www.miningalmanac.com
Colombia Clean Power and Fuels - OTCBB: CCPF.OB Initial Report: April 18, 2011
TABLE OF CONTENTS 1
I. Metallurgical Coal and Clean Coal Technologies 3

Coal Market Overview 3
Metallurgical Coal & Coke 4
Clean Coal Technologies
Urea Sector 4
II. The Colombian Coal Industry 5

Emerging from a long spell of under-investment 5
Colombian Coke Production 5
Urea Market in Latin America 6
Geography 6
III. Properties & Exploration 9

Current Land Position & Preliminary Work 9
Defining Resource Estimates 9
IV. Production, Transportation and Processing 10

Mine Plans and Costs 10
Transportation 10
V. Coking Plant and Other Facilities 12

Heat-Recovery Coke Plant 12
VI. Future Plans for a Clean Energy Park 13

Gasification Plant 13
Full-recovery Coke Plant 13
Power Plant 13
VII: Financials 14
Balance sheet 14
Statement of operations and loss 15
Condensed consolidated statements of cash flows (Unaudited) 16
Recently Completed Financing 17
Ongoing Financing 17
Property Acquisition Costs 17
VIII: Equity Valuation Considerations 18

Valuation by Resource Estimates 18
Valuation by Annual Production 19
Coking Plant 20
Longer-term possibilities 20
Selected Risk Considerations 20
IX. Company Ownership & Subsidiaries 21

LIFE Power & Fuels 21
Subsidiaries 21
X. Executive Management and Advisers 22

Management 22
Advisors 23
XI. Disclosures 25
www.researchworks360.com/colombia-clean-power-and-fuels-(ccpf) • Page 2 of 25
I. Metallurgical Coal and Clean Coal Technologies
Metallurgical coal is trading for over USD 200 per tonne (FOB Colombian ports), driven by reviving steel
prices and a shortage due to China`s high export tariffs.
Coal Market Overview

Coal is the world’s most abundant and cheapest primary fossil fuel source, accounting for 41% of global Global coal supplies are tight, and
electricity production and 27% of total energy needs. Export prices have soared in the last few years with new sources are being sought.
the rest of the commodity market. Much of the developing world derives the vast majority of its electricity
from coal, and coal is a key ingredient in the steel and cement production needed for the infrastructure
boom in those nations. The developed world also relies heavily on coal-fired power plants, though
environmental concerns there have led to demand for improved processing and burning technologies.
There are several types and grades of coal, from cheaper thermal coals used for power generation to more-
expensive metallurgical coals used for coke production.
Exhibit 1: Coal Prices (thermal) since 1981 Feb 1981 - Feb 2011: 89880 (188.63%)
202.5
184.53
US Dollars per Metric Ton
166.56
148.59
130.62
112.65
94.68
76.71
58.74
40.77
22.6
Description: Coal, Australian thermal coal, 12000 - btu/pound, less than 1% sulfar, 14% ash,
FOB Newcastle/Port Kembla, US$ per metric tonne.
Metallurgical Coal & Coke

Coke is a solid, carbonaceous fuel source derived from metallurgical coal, a high-quality low-ash, low- Coke is a value-added product
sulfur bituminous coal. Coking involves baking at high temperature in an airless blast furnace to remove made from high grade coal used
volatile constituents and realign and fuse the fixed carbon and residual ash. A value-added product, coke in iron smelting and steel pro-
today is most commonly used as a heat and carbon source and chemical reducing agent in iron smelting duction. The coking process also
and steel production. produces byproducts valuable for
use as fertilizer.
Coke’s market value is linked with global steel demand and is higher than that of raw metallurgical coal,
especially when optimal levels of volatile constituents are present. In the coking process these constituents
become various marketable byproducts including tars, oils, and urea and ammonia, the latter two being
key fertilizer feedstocks. The coke supply remains tight due in part to the imposition a 40% export tariff on
Chinese coke and metallurgical coal exports since late 2008, which reduced China’s share of the world
coke trade from over 40% to near 3% and turned them into a net importer. The floods in Queensland
Australia have also reduced this year’s coking coal output by 50 million metric tonnes (mmt), since that
region supplies about 50% of the world’s coking coal exports.
Clean Coal Technologies

Various new coal processing technologies termed ‘clean coal’ refer to improved removal of pollutants prior
‘Clean coal’ refers to technologies
to or at the point of use. The ability to capture and sequester carbon is also included, although the latter that reduce the environmental
is an expensive practice not likely to be utilized without legislative mandates or carbon taxes and trading impact of the industry by captur-
systems. ing pollutants or reducing land
impact. Gasification allows for
Gasification, the conversion by use of heat and pressure of coal into syngas for clean combustion or
cleaner combustion or production
chemical reformation, is another technique that can reduce the environmental impact of the coal industry.
of petrochemicals.
Syngas is a high calorific value mix of hydrocarbons that can be burned cleanly, refined into methane or
liquid fuels, and used to produce urea and ammonia. The costs and technical challenges of sequestering
carbon are also reduced when coal is gasified prior to combustion.
Urea Sector
Urea, a valuable byproduct of the coking process, is a key ingredient in nitrogen fertilizer. Global urea
consumption is over 150 million tonnes and growing by a few percent per annum. Most of the increase
in urea production comes from Asia.
II. The Colombian Coal Industry
Columbia exports almost all of its coking coal and coke, and has a 6% share of global exports. New
properties are explored by global companies in order to satisfy demand.
Emerging from a long spell of under-investment

Colombia is the world’s tenth largest producer and fourth largest exporter of coal, with an estimated 7 Colombia has large, underexploit-
billion tonnes of recoverable reserves and 17 billion tonnes of potential reserves. Coal accounts for half of ed resources of quality thermal
the country’s mining activity, and is the second largest export after oil. and metallurgical coal.
Colombia is a significant exporter of thermal coal, accounting for 5-7% of global exports over the last
decade, mostly from mines near the northern coast. Colombian coal tends to have high heat-value and low
ash and sulfur content. The metallurgical coal and coking industries, located in the Andean foothill region,
have been underdeveloped due to past political instability and logistics associated with transportation.
Vast improvements in stability and the enactment of market-friendly legislation have spurred a boom in
Colombia’s resource industry. Benefits include free-trade zones with key coal consumers, special exchange
rates for resource companies, new trade agreements, and better contract law.
After the coal industry was privatized in 2004, concessions were available for purchase with relative ease,
spurring a staking boom, but now many early speculators are defaulting on fees as their 3-year exploration
periods expire. This situation presents an opportunity to obtain properties at favorable prices.
The government is now changing the bidding process to evaluate companies’ ability to bring resources into
production, a development that favors larger, better organized concerns. Major international companies
such as London Mining have been snapping up Colombian metallurgical coal operations. Future production
of metallurgical coal is expected to rise as infrastructure improvements continue and importing nations form
more relationships with local suppliers.
Colombian Coke Production

Colombia produced approximately one million tonnes of metallurgical coke in 2009, down from a high
of two million in 2007 due to the global recession, but up from 400,000 tonnes in 1999. Production was
expected to exceed two million tonnes in 2010 and to continue growing.
Colombia is a major exporter of
Colombia exported nearly 100% of its metallurgical coke in 2009, making it one of the top coke exporters in metallurgical coke.The industry
the world at 6% of world exports. Colombia’s primary export markets are North and South America, Europe is dominated by few companies
and India. Three leading companies, C.I. Milpa, Coquecol and C.I. Carbocoque, produce approximately that use antiquated technology
50% of Colombian coke. and produce a lesser quality prod-
uct.
Over 90% of Colombian coke is made in beehive ovens, an inefficient and environmentally damaging 19th
century technique that results in low quality, inconsistent coke. This has to some degree discouraged the
large and well-developed Brazilian steel industry from sourcing its coke in Colombia.
Exhibit 2: Traditional Beehive Coke Ovens
Urea Market in Latin America

Colombia, like many other South American countries, imports all of its urea, estimated by Gobi International
to be approximately 700,000 tonnes per annum, or 14% of the South American urea market. Brazil imports
roughly 3 times this amount.
Geography
The low-lying, politically-stable Guajira peninsula on Colombia’s Caribbean coast contains good thermal
coal in thick seams, and this region accounts for the vast majority of the country’s production and exports.
Here a consortium owned by Anglo American, BHP Billiton and Xstrata operates the Cerrejon Zona Norte,
one of the largest open-cast coal mines in the world and the largest coal mine in South America, boasting
an annual output of 30 million tonnes, with plans to double output by 2020.
Exhibit 3: Cerrejon Zona Norte (Left), The Guajira Peninsula (Right)
Further south in the Andean foothills, high-pressure geological activity has produced high-BTU thermal
coal and high-quality metallurgical coal. These reserves have been relatively under-exploited due to violent
political instability and a lack of infrastructure. Now that violence has ebbed and governance is better,
there is an opportunity for smaller companies to build substantial portfolios of solid properties. This region
is where the Company plans to focus its operations.
Exhibit 4: The Santander Region
The Andean foothills are underdeveloped and lack large-scale infrastructure, but have the highest quality
coal and have recently become politically stable.
Exhibit 5: The Andean Foothills; Pin marks Santander
Aruba
Netherlands Antilles
Panama
A
Ven
Colombia
Ecuador
III. Properties & Exploration
$5.5million will be invested in drilling in 2011 with a short-term goal of defining 50-60 mmt of metal-
lurgical coal resources, possibly 15-20mmt of which as initial reserves. Management believes that the
resource could ultimately be 300 mmt.
Current Land Position & Preliminary Work

The Company currently holds three concessions covering approximately 7,000 hectares on agricultural land
in the Santander district (the “North Block”). In March 2011 it announced agreements to acquire three more
continguous concessions in the Boyacá region near Otanche, totaling 3,000 ha. Applications are pending
for an additional 11 concessions in the Santander and Magdalena districts covering approximately 60,000
ha. The budget for further acquisitions this year will depend on the results of ongoing drilling operations.
The Company has established a team of engineers and geologists who are familiar with the region in order
to perform preliminary work on the concessions. They have determined that the North Block is part of the
Umir formation, a local sedimentary structure associated with coal. The formation is adjacent to the Lisama
oil fields, and there are extensive records of oil drillings, borings, electrographic data and stratigraphy
performed by Ecopetrol S.A., the country’s largest petroleum concern.
In the North Block, 44 coal seams have so far been identified, some of which are in excess of 1.5m thick. In
places a total of over 27 meters of coal is present in 15 seams over 50cm thick. The dip is generally shallow
enough for surface mining. The continuity of outcrop has been measured so far as 10km N-S and 1km E-W,
though the team believes that the width may be as much as 6km.
Due diligence is ongoing on the Otanche block, and the Company’s production is likely to start here
because two of the Otache concessions have existing environmental licenses. Mining could commence
as early as October 2011, whereas environmental licenses for the North Block are expected within 6-12
months.
Defining Resource Estimates

CCPF commenced core drilling in November 2010, with the goal of completing this phase by Q3 2011. The The Company expects to invest
drilling program calls for an aggregate of 60 bore holes, both cored and non-cored, for a total of 20,000m. $5.5M to define its resources and
The cored holes are expected to cost $150 per meter, the non-cored $75, and water is to be sourced from release a report by late 2011. Man-
local supply and boreholes. The stage of drilling will focus on those concessions that appear to be easiest agement beleives that a 50-60M
tonne resource may be defined
to get into production, including some with existing mine workings.
this year.
The entire program is being conducted in accordance with US and international standards for the definition
of a formal resource and reserve estimate. After drilling is complete, the Company will retain a recognized
firm to analyze the data and prepare the estimates. Coal samples will be tested, and the underlying rock
formations will be analyzed to assist with mine planning.
Management hopes that the initial resource estimate will come in at 50-60mmt, with a measured resource
of upwards of 20mmt and the balance in the indicated and inferred resource categories. Of course, these
numbers should be considered a guess until drilling is complete and the resource report is released in late
2011.
After the resource is defined and a mine plan is ready, mining applications will be submitted to the
government. A planned feasibility study will then delineate the mineable reserve portion of the resource,
15mmt of which should be sufficient to for production of one million tonnes per year, though the reserve
would be expected to expand as mining progresses, as is typical in the industry.
IV. Production, Transportation and Processing
Management expects total production, transportation and washing costs to be $120 per tonne FOB,
while exporting prices are now $200-240 per tonne FOB in Colombia. The company plans to export
1-2mmt of metallurgical coal per year.
Mine Plans and Costs

By the fourth quarter of 2011, CCPF aims to have formal mine plans for an eventual production target of Initial plans call for 1-2M tonnes
1-2 million tonnes per annum, mostly of metallurgical coal. The Company’s business plan requires just over of production, and final costs may
300,000 tonnes of production to meet the requirements of the first coking facility, and management does be near $120/tonne FOB.
not anticipate difficulty in meeting this goal given the estimated size of the resource and history of local
production. Nonetheless the Company is identifying other sources of coal to supplement its own production
if needed for the plant.
Most mines in the area use single-entry shaft systems utilizing jackhammer mining and manual loading into
trucks, with costs running $35-40 per ton delivered to the truck. Management intends to stick with these
methods because they are familiar to the local workers.
Transportation
The Company’s initial production will be trucked to coastal ports for export.
Prior to completion of the coking plant and other coal upgrading facilities, CCPF plans to export all coal Some tertiary roads may need to
produced. Preliminary discussions for supply agreements and sales & marketing partnerships are ongoing be improved for trucking. Rail use
with parties in China, Hong Kong, India, Korea, Brazil and the U.S, including an international trader and is not likely in the near term, but
distributor of steel and raw materials. infrastructure development is un-
derway by the Colombian govern-
Proposed exports of coal and coke would utilize three primary ports on the Atlantic coast, Santa Marta, ment for river transit.
Barranquilla and Cartagena, and possibly the Buenaventura port on the Pacific coast. These ports will
provide access to Panamax and Handy vessels. Due to capacity constraints, current delays at the ports may
impact the Company’s operations, as the Company is only in preliminary discussions over port agreements.
However six new ports are being built on Colombia’s Atlantic coast as alternative export options, as well
as two more on the Pacific coast.
The Company’s concessions are approximately 800 km from coastal ports, and less than 200 km from the
expected location of the upgrading facilities along the Magdalena River. The Company has determined that
the most cost-effective means of transporting the coal for the first few years is by 20-ton truck. The majority
of the roads between the concessions and loading facilities are paved highways, although some road
building and repair will be required on the first few kilometers of some routes.
Exhibit 6: The Magdalena River
Cost Estimates
With trucking and port expenses of $60-75, plus washing and blending, total production costs are anticipated
to be about $100 per tonne. Port loading would add another $10+ for exported coal. Domestic prices range
from $80/tonne for high-volatile content coal to $120 for low-volatile thermal coal, and export prices are
$200-240/tonne for coking coal. At those prices, the Company expects to be able to mine, transport and
export metallurgical coal at a profit of over $80/tonne.
V. Heat-recovery Coking Plant
The Company plans to pursue an additional profit per tonne by installing a modern 200,000 tonne-per- The Company plans to use clean
annum coking plant for $25 mln in CapEx. & efficient modular technology for
its coking facility.
CCPF plans to build coking and other coal processing facilities using clean and efficient technology. The
Company is negotiating a contract to lease with the option to purchase a 220+ acre industrial development
that is already permitted for oil and gas refining and power generation, with the intention of converting
these permits for coking operations. The Company has agreed in principal to the terms of the deal, pending
due diligence, and hopes to close in the first half of 2011, with licenses finalized by the end of the year.
Heat-Recovery Coke Plant

For their first upgrading facility, a 200,000 tonne/year coking plant, the Company plans to use a modular
technology developed in Europe and manufactured in China. These systems are built and transported as kits,
with a capital cost of $25M. The technology is modern, yet still 1-2 generations behind full-recovery coking
The Company plans to break
plants, so although it captures waste heat and produces high quality coke and urea, it doesn’t capture CO2
ground on a 200kt/year facility
or other emissions. A feasibility study for the plant is underway and is expected to be completed this year.
in 2011. CAPEX will be roughly
Pending financing, the Company plans to break ground on the facility in 2012. Proceeds from an equity $25M for the facility itself.
raise will likely be used, and debt financing may be sought for the balance. There are discussions with
parties that may supply additional coal for the plant before the Company’s own mines can produce at a rate
sufficient to meet the plant’s capacity. CCPF has stated that it may also seek to acquire other nearby mines
to provide feedstock.
The Brazilian steel industry could be an important market for Colombian coke if the supply is of good
quality. The urea and ammonia could be also be marketed in Colombia, Brazil or the US.
VI. Future Plans for a Clean Energy Park
If mining and the first coke plant are successful, the Company plans to pursue a full value chain after
2013 by constructing a gasification plant, a 1 million tonne full-recovery coke plant and a 120 MW power
plant.
In addition to the heat-recovery coke plant, the Company has longer-term plans to develop a large industrial
park in Santander, including a full-recovery coke plant, coal gasification plant, a methanol plant and a
120MW power plant. CCPF is working with a Chinese engineering firm and a Chinese manufacturer on
these plans, on which construction would tentatively begin in 2013 with these firms as partners. These are
very capital-intensive projects costing roughly $100-300 million each, and the Company has entered into
a MOU with the partners for 80-85% of the financing. CCPF would supply the coal feedstock, assuming its
mines are producing millions of tonnes per year by such time.
Gasification Plant
The proposed gasification plant would convert coal into liquid and gaseous fuel, ammonia and urea, and
allow for the capture and sequestration of carbon if economical. The output mix of gasification plants
can be adjusted to meet demand for various products. Tentative production goals are 180,000 tonnes of
ammonia or 300,000 tonnes of urea. Capital costs are projected to be $235 million, and pre-feasibility
work is ongoing.
Full-recovery Coke Plant

A proposed state-of-the-art, full-recovery coke plant and associated methanol plant could produce one
million tonnes of coke and 100,000 tonnes of methanol annually. This plant could capture nearly all
emissions plus carbon dioxide and produce top-quality coke for steel production. The facility is also in
the pre-feasibility stage, with a goal of breaking ground in 2014 at a capital cost of roughly $300 million.
Power Plant
A 120MW power plant would supply all of the energy park’s electric needs and be able to sell the other
half of its output into the local grid. Pre-feasibility work is ongoing for a 2013 construction start, and the
capital cost is estimated at $100 million.
VII: Financials
Balance Sheet
As of: Dec 31, 2010
Assets
Current Assets
Cash and Cash Equivalents 5,027,656
Other Current Assets 747,588
Total Current Assets 5,775,244
Long Term Assets

Mining Concession 2,026,617
Construction in Progress 30,000
Equipment 2,075
Total Assets 8,175,587
Liabilities & Stockholders’ deficit

Current Liabilities
Accounts Payable And Accrued Liabilities 1,181,295
Total Current Liabilities 1,181,295
Long-term Liabilities
Convertible Notes - Related Party 19,122
Convertible Notes Payable (Net of Iss. Discount) 2,885,022
Accrued Interest on Convertible Notes Payable 110,846
Other non-current liabilities 400,000
Derivative liability - conversion feature 2,816,000
Total Long Term Liabilities 6,230,990
Total Liabilities 7,412,285
Stockholders’ deficit
Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares
-
issued and outstanding
Common Stock, $.001 par value, 100,000,000 shares authorized,
20,280,001 shares and 20,549,637 shares issued and outstanding, 20.550
respectively
Additional Paid in Capital 3,263,345
Deficit Accumulated during the Exploration Stage -2,438,927
Other Comprehensive Loss -81,666
Total Stockholders’ Deficit 763,302
Total Liabilities & Stockholders’ deficit 8,175,587
Statement of Operations and Loss
For the year ended: Dec 31, 2010
Revenue -
Expenses
General and Administrative 1,935,450
Total Expenses 1,935,450
Loss Before Other Income (Expense) -1,935,450
Other Income (Expense)

Interest Expense, net -533,870
Total Other Income (Expense) -277,870
Loss Before Income Taxes -2,213,320
Net Loss -2,213,320
Other Comprehensive Loss

Loss on Foreign Currency Translation -81,666
Total Comprehensive Loss -2,294,986
Basic and Diluted Loss per Common Share -0.12
Weighted Average Common Shares 18,887,765
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Year Ended: Dec. 31, 2010
Operating Activities
Net loss -2,213,320
Adjustments to reconcile net loss to net cash used by operating activi-
ties:
Stock compensation cost 304,977
Amortization of discount on note payable 364,933
Amortization of debt issuance cost 58,620
Unrealized gain on change in fair value of conversion feature -256,000
Changes in assets and liabilities:

Other current assets -579,503
Other assets -223,638
Accounts payable and accrued liabilities 1,174,715
Accrued Interest payable 110,845
Net cash used in operating activities -858,371
Investing Activities
Increase in property and equipment -2,058,692
Increase in other assets -
Net cash used in investing activities -2,058,692
Financing Activities
Net proceeds from issuance of convertible notes payable 8,000,000
Net proceeds from issuance of common stock 100,000
Proceeds from exercise of warrants -2,100
Advances from officers, directors and shareholders -75,804
Net cash provided by financing activities 8,026,296
Effect of exchange rate currency changes on cash and cash -81,666

equivalents
Net increase in cash and cash equivalents 5,027,567
Cash and cash equivalents at beginning of period 89
Cash and cash equivalents at end of period 284.217
Supplemental disclosure of noncash financing activities: 6.439
Issuance of stock warrants in connection with debt 284.217
Issuance of common stock in connection with conversion of 6.439

note payable
Extinguishment of payable to a related party 4,104
Recent Financing
On December 23, 2010, the Company announced completion of its first round of financing from outside The Company closed an $8M
investors, totaling $8 million at a price of $1.25 per share fully diluted. The initial offer was for $2.5 private placement in December
million, which was met by retail demand; the total was increased to meet further demand from larger at $1.25/share fully diluted. Man-
institutions. 6 million new shares were issued, representing approximately 20% of the new total of 29 agement believes that this should
be sufficient to prove up reserve
million fully diluted shares outstanding. The deal was structured as 10% Secured Convertible Notes due
estimates and bring mines to pro-
June 30, 2012, convertible at $2.50 per share, and five-year warrants to purchase up to 3,200,000 common
duction.
shares in aggregate, at $0.01 per share The largest investor was the Bellevue, Washington private equity
fund Steelhead Navigator Master, LP, followed by Plano, Texas-based Pinnacle Family Office Investments LP.
Of the net proceeds, approximately $2.5 million is intended to go towards payments to secure mining
concessions and $5.5 million is earmarked for the exploration of these properties and definition of a formal
coal resource. Working capital, operating costs and feasibility studies will likely require the balance of these
funds. The capital cost of bringing the first mine(s) into operation is still being determined, and should be
made clear by the feasibility study later in the year.
Property Acquisition Costs

CCPF completed acquisitions of three mining concessions in Santander in July and October 2010, and
signed agreements for another three concessions in Boyacá in March 2011, with closing of the later pending
due diligence. The first acquisition consisted of two concessions on an aggregate of 2,674 hectares, for which
the Company paid 400 million COP (214,593 USD) to the owner of the concessions and 125,266,709 COP
(67,348 USD) in annual fees to the Colombian Ministry of Mines. In addition to the purchase price, the
seller is entitled to a royalty of $2.00 for each ton of coal extracted under the concessions during the term Payment for coal concessions in-
of each contract. cludes cash plus royalties to sell-
ers for the duration of the conces-
The October 2010 acquisition was for a single 4,400 hectare concession at an aggregate purchase price
sion contracts.
of $1,515,000. The Company has paid $95,000 and the balance is due as follows: $220,000 payable on
the date concession rights are registered with the Colombian National Mining Register, and $1,200,000
payable in six quarterly installments of $200,000 beginning three months after the date the rights are
registered, less 50% of the value of any extraction royalties paid to the assignor, where royalties amount to
$2.00 per ton of coal extracted during the term of the concession. The Company also paid 215,377,844
COP (115,299 USD) in annual fees to the Colombian Ministry of Mines.
The terms of the 2011 Boyacá acquistions require a total of $2.55 million, $300,000 of which has been
paid, with the balance payable upon meeting certain milestones: a) $500,000 upon the assignment of the
concessions from the Colombian Institute of Geology and Mining and; b) $250,000 upon the recording and
publication of the assignment in the National Mining Registry. Thereafter, three installments of $500,000
each are due on six month intervals.
VIII: Equity Valuation Considerations
Based on assets alone, CCPF could be valued at over $4.00 per share once the Company defines an
official coal resource, a goal for 2011. Cash flow from mining and coking operations offers even greater
potential for gain, given satisfactory financing arrangements for capital expenditures.
CCPF is still at a very early stage of operations, but there are two readily-available ways to illustrate how
the might be valued should certain milestones be met. An investor could compare the company’s valuation
to formal resource estimates or to initial production goals. We will demonstrate both methods here, and
briefly discuss the Company’s longer-term, more speculative plans.
Valuation by Resource Estimates

The following table compares the enterprise values (“EV,” a comprehensive metric of company valuation,
defined as market capitalization + debt – cash) of metallurgical coal companies to the adjusted dollar values
of their compliant resource and reserve estimates.
For this calculation, in order of decreasing certainty, proven and probable reserves (“P&P”) are credited at
100%; measured and indicated resources (“M&I”) are credited at 50%, and inferred resources are credited
at 5%. A coal price of $285 per tonne is employed, and where present, other minerals (such as thermal coal,
iron or copper) are credited using the same methodology and their respective market prices.
Exibit 7: Metallurgical Coal Stock Valuations by Resource Estimates
Company Ticker EV Met. Coal Met. Coal Met. Coal Value Met Other Value of To- EV / Value
($M) P&P (MT) M&I (MT) Inferred Coal ($M) Minerals tal Resources Total
(MT) ($M) ($M)
Coal of Africa CZA:ASX 800 0 0 254 3,619 6780 10,399 0.077
Aquila Resources AQA:ASX 3,255 188 894 703 164,202 32760 196,962 0.017
Cline Mining CMK:TSX 599 14 186 55 29,283 19687 48,970 0.012
Teck Resources TCK:NYSE 44,596 592 3,617 2082 629,451 50400 67,9851 0.066
Caledon Resources CDN:AIM 513 0 176 233 28,400 0 28,400 0.018
Atlantic Coal ATC:AIM 49 4 4 0 1,140 0 1,140 0.043
Petmin PTMN:AIM 260 25 30 1 7,851 1200 9,051 0.029
Aspire Mining AKM:ASX 372 0 276 56 40,128 0 40,128 0.009
Lysander Minerals LYM:TSX.V 107 27 76 0 14,677 0 14,677 0.007
NuCoal Resources NCR:ASX 219 0 13 492 8,863 0 8,863 0.025
Mean 0.030
Colombia C.P.F. CCPF:OTCBB 54 0 50 0 7,125 0 7,125 0.008
Source: miningalmanac.com
Key: EV: Enterprise Value (market cap + debt – cash); MT: million tones; Other Minerals ($M): Gross value
of all non-coal minerals; Value of Total Resources: Gross value of coal + other minerals.
CCPF does not yet of course have any formal estimates, but based on sampling, geology, and the team’s
experienced judgment, a measured and indicated resource of 50-60 mmt is expected by management. If
the Company is successful at proving a resource of 50mmt, the present stock valuation relative to resource
value would be approximately 70% lower than the group mean.
Of course, this is still a highly speculative calculation, but it offers some perspective on how the market
might react to a formal resource report. A feasibility study and mine plan would offer further assurance that
reserves were economically recoverable and that the company was on the way to becoming a producer. It
is important to factor in the share dilution that will be required in order to raise capital for mine contruction
and the coking facility, but the current valuation is low enough to effectively discounts for another 50%
increase in the share count.
In summary, a 50mmt resource might result in a valuation of roughly $210 million, which after dilution
would amount to over $4.00 per share. A further discount may need to be applied due to the somewhat
lower than average met coal pricing in Colombia ($200-240 vs $250+). Positive variables would include
acheiving this resource and meeting capital needs with less than the assumed 50% dilution, or coming in
with the targeted 50-60mmt resource.
Valuation by Annual Production

Until a mine plan has been published it is too early to make assumptions about future production rates,
but for illustrative purposes we can look at how the market might value the shares should CCPF reach
management’s first target of 300,000 tonnes per annum of coal production.
Exibit 8: Coal Stock Valuations by Revenue
Company Ticker Enterprise Value ($M) Revenue ($M) EV/Revenue
Massey Energy MEE:NYSE 8,927 3,039 2.94

Alpha Natural Resources ANR:NYSE 8,474 3,917 2.16
Arch Coal ACI:NYSE 8,073 3,186 2.53
Walter Energy WLT:NYSE 7,305 1,588 4.6
Patriot Coal PCZ:NYSE 4,965 2,035 2.44
Western Coal WTN:TSX 4,574 449 10.19
Alliance Natural Resources ARLP:NASD 3,534 1,610 2.2
International Coal Group ICO:NYSE 2,528 1,188 2.13
UK Coal UKC:AIM 1,291 514 2.51
Westmoreland Coal WLB:AMEX 1,037 443 2.34
James River Coal JRCC:NASD 878 681 1.29
Coal of Africa CZA:ASX 800 115 6.96
Caledon Resources CDN:ASX 508 68 7.47
Ath Resources ATH:AIM 152 128 1.19
Homeland Energy Group HEG:TSX 85 7 12.14
America West Resources AWSR:OTCBB 84 11 7.64
Atlantic Coal ATC:AIM 49 9 5.44
The average coal company above trades at 4.5 times annual revenues. More mature companies like Massey
and Alpha trade at lower multiples, while companies with on a rapid growth trajectory like Western Coal
and Homeland Energy sport much higher relative values. At the current (low-ball) price of $200/t, 300kt of
production would equate to roughly $60 million in revenues. The market today would seem to value $60
million in revenues at $270 million in enterprise value, a huge markup to CCPF’s current $54m valuation.
For CCPF to achieve its production goal, well over $10 million in capex will be required, in addition to the
$20 million for the coking plant. Working capital will add significantly to these cash needs, so management
has indicated that it may need to raise another $50 million by 2012. With bankable feasibility studies for
the mines and coking plant, it is possible that debt could be used for a large portion of capex, but again,
significant equity dilution should be expected. Again allowing for 50% additional stock issuance, 300kt
of production might equate to a value of roughly $6.00 per share based on the above peer valuations. Of
course, it is still way too early to put much credence into these production forecasts, but this model will
come into play once a bankable feasibility study is in hand, a goal for 2011.
Heat-Recovery Coking Plant

The initial heat-recovery coking plant calls for production by 2013 of 200ktpa of high-quality coke from
a feedstock of 300kt of metallurgical coal. Quality Colombian coke is selling for $400 per tonne. At these
prices, management estimates that margins could be $200 per tonne if their own mines supply the feedstock
and $120 per tonne if purchased on the local market. Even allowing for a fall in the coke price and lower
margins, the cash flow from such a plant could be over $20 million, a remarkable rate of return. Of course,
equity dilution and/or partner financing will absorb much of that profit, but even net cash flow of $10
million per unit would be highly favorable. Furthermore, once a plant is operational, additional modular
plants may be eligible for lower-cost financing, so the returns on subsequent units could be higher.
Longer-term possibilities
Looking further into the future, Company management believes that based the regional geology and the
availability of concessions, that CCPF could achieve several million tonnes of production by 2016. Based
on current prices and management’s margin estimates, the EBITDA on such quantities could top $200M.
This is in no way meant to be considered a valuation factor, but to illustrate management’s vision of longer-
term possibilities. These also include the large industrial park with full-scale coal upgrading operations.
Selected Risk Considerations
The Company remains in the exploration stage, and total reserves on its concessions are unproven. Surface
geology may also prove to be unreliable on future concessions and the Company could overpay for future
concessions using imperfect information.
The Company is depending on favorable rulings from regulators to receive the required permissions to
construct mines and processing facilities, and there can be no guarantee that these will be forthcoming in
a timely basis.
The global market price of coal and coke have increased dramatically in recent years, but continued
strength depends on a number of factors including economic growth and environmental regulations. A
drop in prices to pre-2005 levels would have a severe effect on the profitability of the Company’s mining
operations.
The Company has high capital requirements for its planned coke plant and clean energy park, and there
is no guarantee that sufficient financing will be available on shareholder-friendly terms. Capital raises will
dilute existing shareholders.
Colombia has been undergoing an economic boom in recent years and hostilities have subsided, but the
Company’s coal resources are in an historically volatile region. Renewed political instability could make it
very difficult to safely and reliably operate.
Additionally, CCPF is currently a “penny stock,” making it subject to additional market risks and trading
regulations.
IX. Company Ownership & Subsidiaries
LIFE Power & Fuels

CCPF was founded and is majority owned by LIFE Power & Fuels LLC (“LIFE”), a company focused on CCPF is majority-owned by LIFE
managing projects that combine coal resources with technologies to upgrade those resources. LIFE owns Power & Fuels, which will pro-
the majority of the outstanding shares of CCPF, though its share is expected to be significantly diluted after vide management services in
a new financing. Edward P. Mooney, CCPF’s CEO and a Director, is the sole Managing Member of LIFE. exchange for monthly fees and
Daniel F. Carlson is CFO for both CCPF and LIFE. royalty payments.
LIFE provides CCPF with corporate, financial, and merger and acquisition advisory services as well as
assistance with securing equipment leases and equipment financing, for a fee equal to the lesser of 1% of
gross coal sales or $2 per ton of coal sold with a minimum monthly fee of $25,000 plus expenses. Total
management fee expenses and fees payable to LIFE for the three months ended September 30, 2010 were
$155,299.
Subsidiaries
CCPF has established a wholly-owned Dutch subsidiary, Energia Andina Santander Resources Cooperatieve All Colombian operations will be
U.A., which owns 99% of the Colombian company Energia Andina Santander Resources SAS (“Energia”), managed by a wholly-owned Co-
headquartered in Bogota. The final 1% of Energia is owned by an other non-operating wholly-owned lombian subsidiary.
subsidiary to CCPF, Colombia CPF LLC, a Delaware LLC. CCPF holds all of its mining concessions and
performs all Colombian operations through Energia. Energia is presently recruiting a team of operations,
technical, financial, logistics, mining and marketing employees as well as consultants.
X. Executive Management and Advisers
Management The Company’s management

team has extensive experience in
coal mining and clean coal tech-
Ted Swindells, Chairman of LIFE Power and Fuels, LLC nology.
LIFE, an investor in and developer of clean energy products worldwide, is the Company’s largest stockholder.
Mr. Swindells has more than 25 years of experience as a Principal in acquiring, building, financing and
advising public and private companies in industries including natural resources, energy technology,
clean-tech, telecommunications and technology. He has been a partner or principal in venture capital,
investment banking and merchant banking firms in New York, San Francisco and London. He has built and
advised companies that have listed on the NASDAQ, London AIM, and American Stock Exchanges, and
has raised hundreds of millions of dollars in equity and debt financings. Mr. Swindells’ previous experience
includes corporate finance and venture capital positions with Drexel Burnham Lambert, RubiconVentures,
Hambrecht & Quist, Woodman Kirkpatrick & Gilbreath and Bank of America. He holds a BA in economics
from Claremont Men’s College and an MBA in Finance from the Kellogg School of Business. He is a major
supporter of non-profit organizations involved in community service, education, and the arts.
Edward P. Mooney, Chief Executive Officer and Director

Mr. Mooney is also the President and sole managing member of LIFE. Mr. Mooney has over 20 years
of experience in all aspects of corporate development for publicly held and privately-held enterprises,
including mergers and acquisitions, corporate finance, strategic planning, business development, investor
relations, corporate communications and corporate governance. Over the past ten years, he has been an
officer, director or advisor on five reverse mergers from start-up through initial acquisitions and recruitment
of professional industry management teams, and has been an advisor, consultant, board member and officer
of early-stage companies in numerous industry segments. He is also co-founder and chairman of the Global
University for Lifelong Learning, a California not-for-profit organization focused on educational initiatives
for developing nations. Mr. Mooney holds a Masters Degree in Education and a Bachelors Degree in
Geography from the California State University system.
Graham Chapman, FGS, Chief Operating Officer

Mr. Chapman spent 16 years in South Africa with Rand Mines and Ingwe Coal Corporation on operating
mines as a geologist and later in an executive role in the Head Office. In 1996, he set up Ingwe’s (later
Billiton) operations in Indonesia. He successfully negotiated and managed two major JVs with Indonesian
companies, controlling exploration activities and the Billiton operations throughout the country. In 2001,
Mr. Chapman transferred to the Melbourne Head Office of the newly-created BHP Billiton Ltd as Vice
President Strategy and was instrumental in producing the new company’s first public strategy. He formed
Energy Edge Ltd., an innovative coal-focused consultancy in 2003, with four skilled professionals in the
fields of energy and strategy development. The company established a large blue-chip client base of major
energy organizations. Mr. Chapman holds MBA and Bachelor of Science degrees with honors, and is a
Fellow of the Geological Society of London (FGS).
Daniel Carlson, CFO, Treasurer and Director

Mr. Carlson is also the CFO of LIFE. Previously, he was a Managing Director of EAE, a registered broker-
dealer, and worked with Primary Capital for two years as Head of Institutional Sales, where he focused
on reverse merger and PIPE transactions for Chinese companies in the U.S. Previously he was a Managing
Director at BayStar Capital, a leading hedge fund in the PIPE space, where he was Head of Trading from
2004 through 2006; he was the Head of Trading/Analyst at Azure Capital Partners, a Venture Capital/
Crossover fund investing in the technology industry from 2000 through 2002; from 1995-2000 he was a
Senior Trader for RCM Capital Management, a $50+ billion asset management firm, where he specialized in
small cap. Mr. Carlson currently serves on the board of directors of China Precision Steel, Inc., a NASDAQ-
listed Chinese steel processor. He holds a BA degree in Economics from Tufts University, received in 1989.
James Wolff, Director

Mr. Wolff is the CFO of U.S. Coal Corporation, a coal mining company with operations in the Central
Appalachian region of the U.S. Previously, from 2006 to 2008, he was Executive Vice President and CFO
of Energy Coal Resources, Inc., a $400 million natural resources company producing approximately 10
million tonnes of coal annually in Central Appalachia and Colorado. From 2003 to 2006, he provided
independent financial advisory services to transportation and energy businesses. Previously, from 1992
to 2003, he held several positions with American Commercial Lines, LLC (“ACL”), including Senior Vice
President of Finance and Administration, CFO and CFO, Danielson Holding Corporation. ACL was owned
by CSX Corporation prior to 1998, publicly listed and backed by Citicorp Venture Capital from 1998-2002
and owned by Danielson Holding Company (AMEX: DHC) since 2002. Prior to ACL, from 1986 to 1992,
Mr. Wolff was the Director of Financial Planning and a Financial Analyst with CSX Corporation and was a
Manager of Planning and Evaluation with Texas Gas Exploration Corporation from 1979 to 1986. Mr. Wolff
holds a B.A. degree in Economics from the University of Texas.
Renée S. Grossman, Senior Vice President Corporate Finance

Ms. Grossman has more than 20 years of experience in investment banking, principal investing, strategic
consulting and corporate finance. She has acquired, invested in, raised capital for and provided advisory
services to companies across a broad range of industries, including energy, financial services, business
services, communications, consumer and technology. Ms. Grossman is also a Director of Business
Development of LIFE, the Company’s majority stockholder. Previously, she was a Managing Director of
EAE, a registered broker-dealer and an executive with Ladenburg Thalmann, RSG Capital LLC, a firm she
formed, Counsel Corporation and The Shattan Group. At Counsel, she acquired several telecommunications
companies, which were consolidated into iLink, a company in which she was made Director of Strategic
Planning. Previously, Ms. Grossman was a consultant for The Boston Consulting Group and a financial
analyst in mergers & acquisitions and leveraged buyouts with Wasserstein Perella & Co., Inc. Ms. Grossman
holds a MBA degree and a Bachelor of Science in Economics degree, summa cum laude, both from The
Wharton School, University of Pennsylvania.
Barry Markowitz, Chairman of the Board of Directors

Mr. Markowitz has had a 40-year career in the energy industry. In addition to serving as Chairman, Mr.
Markowitz will lead a special board committee focused on refining and implementing the Company’s
strategy for developing advanced coal processing facilities to be developed and operated in Colombia. Mr.
Markowitz retired in December 2004 after serving as President of DTE Energy Services, a sister company
to Detroit Edison and a subsidiary of DTE Energy. While at DTE Energy Services, Mr. Markowitz helped
to successfully acquire and integrate several businesses and executed major transactions with firms
such as General Motors, DaimlerChrysler, Ford, Duke Energy, Kimberly Clark and US Steel. Previously,
Mr. Markowitz was a Vice President for the Bechtel Group of Companies, focusing on power industry
engineering and construction. Mr. Markowitz served as a director of Earthfirst Technologies from September
2005 until March 2007 and presently serves as a Director of Raser Technologies, Inc., a publicly-traded
environmental energy technology company focused on geothermal power development and technology
licensing, where he serves on the Audit, Nominating and Governance, and Compensation Committees.
William Gibbs, Director

Mr. Gibbs is the President and Chairman of GreenRiver Resources Corp, which applies technology to
the extraction of oil from tar sands. He has over two decades’ experience in corporate management,
including M&A and finance. He has served on the boards of public and private companies and
structured and negotiated over $2 billion in financings and acquisitions. He has worked with several
fechnology businesses, was a partner at the Snell & Wilmer law firm specializing in corporate finance,
and has worked for the SEC. He holds a JD from Magdalene College at Oxford University, an LLM from
Georgetown, and a BA in economics from the University of Utah.
Carlos Soto, President, Energia Andina Santander Resources S.A.S., CCPF’s wholly-owned
Colombian subsidiary
Mr. Soto holds a degree in Mining and Metallurgy Engineering from the Universidad Nacional de Colombia
and in Management and Finance from the Universidad de Cartagena. He has worked in the coal mining
industry for over 33 years, 29 of them for Carbones del Cerrejón Limited where he held various positions
in both the technical areas and in the management and administration of special projects. As part of his
extensive experience he occupied various positions in Colombia and abroad in the field of Engineering,
Mine Planning, Finance, Business Planning, Operations Research, and Coal Marketing, and finally, as
manager of special projects for the development of Cerrejón new businesses in electricity, natural gas
and coal. He is currently the Managing Director of CoalSupport SAS, a leading company which provides
consulting and advisory services in energy and mining, serving as a Senior Advisory Consulting Partner for
Carbones del Cerrejón Limited and the Investment Bank Nogal Asesorías Financieras.
Advisors
Robin Borley, Advisor Mine Engineering

Mr. Borley is a mining engineer with over 20 years of practical experience. He has undertaken all aspects
of project planning and management and has managed major mining operation in South Africa, Botswana,
Jamaica and Madagascar, as well as consulting activities in other countries such as Russia. Mr. Borley has
an in-depth knowledge of mining practices, world industry production norms and the methodology of
creating value in such opportunities and latest mine design and planning methods.
Peter Hand, Advisor Metallurgical Coal

Mr. Hand is a metallurgical engineer with 30 years experience in coal processing, handling and logistics.
He has operated some of the largest coal beneficiation plants in the world and has developed specialized
computer software to enable new plants to be designed, costed and optimized in a fraction of the time
normally taken. He has consulted to major coal organizations in South Africa, Russia, India and Australia
and has in depth experience of processing of all coal types.
Jody J. Sitkoski, Advisor for Technology

Mr. Sitkoski brings 30 years of hands on business experience in mining and mineral exploration, due
diligence, mine facility construction, power plant construction and maintenance, and pipeline construction
with companies such as Bechtel, GE Power Systems, Flour Daniels, Cleveland Cliffs and Wisconsin Gas &
Electric and the DOE. He is also Vice President of Business Development of LIFE, the Company’s majority
stockholder. Mr. Sitkoski has experience with environmental technology processes that include
Waste-to-Energy, mine waste recovery, pollution control systems, precious metal extraction and refin-
ing. Mr. Sitkoski’s commercial real estate company recently developed two waste handling projects, a
municipal waste transfer station and a metal scrap collection and recycling facility for Best Way Dis-
posal and American Iron & Metal.
XI. Disclosures
This report was prepared by Research 360, GmbH (“RW”), which is a web-based publisher of information about stocks
and is not an investment adviser. In consideration for RW’s equity research services relating to this Company, including
this report, to be performed through March 2012, the Company agreed to pay RW a fee of $15,000 (refundable under
certain conditions). This report is based on RW’s independent analysis and judgment. The materials upon which this
report is based are believed to be reliable, but RW does not guarantee the information’s accuracy or completeness.
Unless otherwise noted, any interpretations, earnings estimates, and conclusions contained in this report are those of RW.
This report is not intended to constitute a recommendation for any particular investor to purchase or sell any particular
security or that any particular security is suitable for any particular investor. This report should not be construed as a
recommendation or request to engage in any transaction, or an offer or solicitation of an offer to buy or sell any security
or investment, and investors are advised to consult their personal broker or investment advisor before making any
investment decision concerning any of the companies mentioned herein. Use of this report may be subject to applicable
rules of any self-regulatory organization of which you may be a member. The information contained in this report is
subject to change without notice, and RW assumes no responsibility to update the information contained in this report.
Subject to certain restrictions posted in the Legal section of RW’s web site (www.researchworks360.com), RW and its
affiliated entities and persons may purchase and hold positions in the securities of its clients, but they are prohibited from
selling any securities of a RW client during the RW service period to such client. © Research 360, GmbH, 2011. All rights
reserved. Additional and supporting information is available upon request.
Michael J. Ritger, who authored this report, has been an equity research analyst since 2003. He passed the Uniform
Investment Adviser Law Examination, Series 65, in August 2003, and he holds a BA (English) from Bates College and a
Masters degree from the Yale School of Forestry and Environmental Studies. Mr. Ritger certifies that the views expressed
in this report are an accurate representation of his personal views about the Company and its publicly traded securities.
The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to
comply with the terms of the safe harbor, RW notes that except for the description of historical facts contained herein, this
report may contain certain forward-looking statements that involve risks and uncertainties as detailed herein and from
time to time in the Company’s press releases and elsewhere. Such statements are based on RW’s current expectations
and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those
described in the forward-looking statements. These factors include those described in the Company’s press releases and
SEC filings, all of which are hereby incorporated by reference. No forward-looking statements are a guarantee of future
results or events, and one should avoid placing undue reliance on such statements. Jeffrey Ritger co-authored this report.
He also makes the above certifications

Equity Research Report On Colombia Clean Power and Fuels

Diunggah oleh

Informasi Dokumen

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Equity Research Report On Colombia Clean Power and Fuels

Diunggah oleh

Hak Cipta:

Format Tersedia

RESEARCH REPORT

THE RESEARCH W ORKS INITIAL REPORT • April,18, 2011

OTCBB: CCPF.OB INDUSTRY:

Recent Developments Company Description

Research 360, GmbH • www.researchworks360.com/colombia-clean-power-and-fuels-(ccpf)

I. Metallurgical Coal and Clean Coal Technologies  3

II. The Colombian Coal Industry  5

III. Properties & Exploration 9

IV. Production, Transportation and Processing 10

V. Coking Plant and Other Facilities  12

VI. Future Plans for a Clean Energy Park 13

VIII: Equity Valuation Considerations 18

IX. Company Ownership & Subsidiaries  21

X. Executive Management and Advisers  22

I. Metallurgical Coal and Clean Coal Technologies

Coal Market Overview

Metallurgical Coal & Coke

Clean Coal Technologies

II. The Colombian Coal Industry

Emerging from a long spell of under-investment

Colombian Coke Production

Exhibit 2: Traditional Beehive Coke Ovens

Urea Market in Latin America

Exhibit 3: Cerrejon Zona Norte (Left), The Guajira Peninsula (Right)

Exhibit 4: The Santander Region

Exhibit 5: The Andean Foothills; Pin marks Santander

III. Properties & Exploration

Current Land Position & Preliminary Work

Defining Resource Estimates

IV. Production, Transportation and Processing

Mine Plans and Costs

Exhibit 6: The Magdalena River

V. Heat-recovery Coking Plant

Heat-Recovery Coke Plant

VI. Future Plans for a Clean Energy Park

Full-recovery Coke Plant

As of: Dec 31, 2010

Other Current Assets 747,588

Total Current Assets 5,775,244

Long Term Assets

Construction in Progress 30,000

Total Assets 8,175,587

Liabilities & Stockholders’ deficit

Total Current Liabilities 1,181,295

Convertible Notes Payable (Net of Iss. Discount) 2,885,022

Accrued Interest on Convertible Notes Payable 110,846

Other non-current liabilities 400,000

Derivative liability - conversion feature 2,816,000

Total Long Term Liabilities 6,230,990

Total Liabilities 7,412,285

Deficit Accumulated during the Exploration Stage -2,438,927

Other Comprehensive Loss -81,666

Total Stockholders’ Deficit 763,302

Total Liabilities & Stockholders’ deficit 8,175,587

Statement of Operations and Loss

For the year ended: Dec 31, 2010

Total Expenses 1,935,450

Loss Before Other Income (Expense) -1,935,450

Other Income (Expense)

Total Other Income (Expense) -277,870

Loss Before Income Taxes -2,213,320

Net Loss -2,213,320

Other Comprehensive Loss

I. Metallurgical Coal and Clean Coal Technologies 3

II. The Colombian Coal Industry 5

III. Properties & Exploration 9

IV. Production, Transportation and Processing 10

V. Coking Plant and Other Facilities 12

VI. Future Plans for a Clean Energy Park 13

VIII: Equity Valuation Considerations 18

IX. Company Ownership & Subsidiaries 21

X. Executive Management and Advisers 22