TORONTO, ONTARIO--(Marketwire - Jan. 14, 2013) - Forbes & Manhattan Coal Corp. (TSX:FMC)(JSE:FMC) reports its financial results for the third quarter of fiscal 2013 (three month period ended November 30, 2012). All figures are in Canadian dollars unless specified.

Third Quarter 2013 Financial Results:

"Third quarter results reflect the four and a half week labour disruption this past November in addition to the challenging international coal market. The company has resumed operating at full production and taking into consideration the seasonal December closure, we are pleased to see the quick ramp up and momentum we have achieved in the weeks since. At a high level, our year to date run of mine tonnes has surpassed the same period in FY2012. Our continued commitment to achieving growth is our priority", commented Stephan Theron, President and Chief Executive Officer.

Operational Overview

During the third quarter the mining industry in South Africa experienced tense labour relations issues. Labour disruptions at the Forbes Coal Dundee properties lasted four and a half weeks of the 13 week quarter, which had a significant negative impact on the operations and financial results of the company.

ROM Production

• Total run of mine (ROM) production from all operations for Q3 2013 was 246,000 tonnes, a 40% decrease compared to 415,000 tonnes produced in Q2 2013.
• Magdalena ROM production was 184,000 tonnes, a 35% decrease over Q2 2013 production of 284,000 tonnes.
• Aviemore run of mine production was 62,000 tonnes, a 53% decrease over Q2 2013 of 131,000 tonnes.

Saleable Production and Sales

The total saleable production at the Magdalena bituminous and Aviemore anthracite operations declined in the third quarter of 2013, when compared to the second quarter of fiscal 2013. Total saleable production for the third quarter was 152,000 tonnes, a 41% decrease from the previous quarter.

• Magdalena saleable production was 112,000 tonnes, a 37% decrease over second quarter 2013 production of 177,000 tonnes.
• Aviemore saleable production was 40,000 tonnes, a 49% decrease over second quarter 2013 production of 79,000 tonnes.
• In addition, Forbes Coal bought in 25,000 tonnes resulting in 177,000 total saleable tonnes for the third quarter 2013.
• Total sales were 147,000 tonnes, a 48% decrease over second quarter 2013 sales of 286,000 tonnes.
• The company exported 73,000 tonnes, with domestic sales of 74,000 tonnes.

Full Financial Statements and the Management Discussion and Analysis Report will be available under the Forbes Coal profile at www.sedar.com or at www.forbescoal.com.

NON-IFRS PERFORMANCE MEASURES

The company has included in this document certain non-IFRS performance measures that are detailed below. These non-IFRS performance measures do not have any standardized meaning prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. The company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the company's performance. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared with IFRS. The definition for these performance measures and reconciliation of the non-IFRS measures to reported IFRS measures are as follows:

About Forbes Coal

Forbes Coal is a growing coal producer in southern Africa. It holds a majority interest in two operating mines through its 100% interest in Forbes Coal (Pty) Ltd., a South African company ("Forbes Coal Dundee") which has a 70% interest in Zinoju Coal (Pty) Ltd. ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa (collectively, "the Forbes Coal Dundee Properties"). The mines have a substantial resource base and each mine has a projected life span in excess of 20 years. Forbes Coal is in the process of increasing production at both mines using existing infrastructure and capacity. The company has in-place transportation infrastructure allowing its coal to reach both export corridors and the growing domestic coal market. Forbes Coal has a strong balance sheet and an experienced coal-focused management team.

Please refer to the company's NI 43-101 compliant technical report on the Forbes Coal Dundee Properties dated March 1, 2011 entitled "Technical Report on Slater Coal and Subsidiaries, KwaZulu-Natal Province, South Africa", available on the SEDAR profile of the Company at www.sedar.com. Additional information is available at www.forbescoal.com.

Cautionary Notes:

Johan Odendaal, B.Sc.(Geol.), B.Sc.(Hons)(Min. Econ.), M.Sc. (Min. Eng.), a director of Minxcon and an independent Qualified Person, as defined in National Instrument 43-101 has reviewed and approved the scientific and technical information contained in this release.

The ability of Forbes Coal to increase production amounts has not been the subject of a feasibility study and there is no certainty that the proposed expansion will be economically feasible.

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the anticipated production results with respect to the Forbes Coal Dundee Properties, future financial or operating performance of Forbes Coal and its projects, statements regarding the anticipated improvements in logistical support and anticipated improvements in sales, statements made with respect to prospects for the business of Forbes Coal, requirements for additional capital, government regulation of the mineral exploration industry, environmental risks, acquisition of mining licences, title disputes or claims, limitations of insurance coverage and the timing and possible outcome of pending litigation and regulatory matters. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Forbes Coal to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, foreign operations, political and social uncertainties; a history of operating losses; delay or failure to receive board or regulatory approvals; timing and availability of external financing on acceptable terms; not realizing on the potential benefits of the proposed transaction; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of mineral products; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and, delays in obtaining governmental approvals or required financing or in the completion of activities. Although Forbes Coal has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forwardlooking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.