During the quarter Stanmore Coal Limited ("Stanmore Coal" or "the Company") announced the results of the Range Project Feasibility Study and completed exploratory drilling on the Belview Coking Coal Project. Unfortunately, these significant milestones which would under historical market conditions translated into forward momentum in the Company's share price, have occurred within a background of continued downward pressure on coal prices and negative investor sentiment toward early stage coal projects. Similar to its peers, the Company's share price ended the quarter close to net cash backing per security. Notwithstanding, the Board of Directors and Management remain positive about the Company's prospects given Stanmore Coal has:

· a diversified portfolio of high quality coking and export thermal coal projects;

· 94Mt of Marketable Reserves, 686Mt of JORC Resources1 and 975Mt - 1,498Mt of additional Exploration Targets2,3;

· an upgrade to Belview's JORC Resource position due early in quarter 1 FY14;

· a strong closing cash position at 30 June 2013 of $24 million; and

· no take or pay liabilities for rail or port access.

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