MMEX Mining Corporation Advances on Mining Business Plan for Colombia Metallurgical Coal Project
MMEX Mobilizes Drilling Program to Confirm Metallurgical Coal Resources Large Scale Mine Engineering Plan Completed
(firmenpresse) - DALLAS, TX -- (Marketwire) -- 08/22/11 -- (OTCBB: MMEX) announced today two major milestones in moving its Colombia metallurgical coal mining business plan forward.
Jack Hanks, the Chairman and Chief Executive Officer of MMEX, announced an update on the Company's activities.
Said Hanks, "Since February of this year, we have focused on developing our initial metallurgical coal mine as a joint venture with local partners. Norwest Corporation, the U.S.-based coal consultancy, evaluated the potential coal resources of the three mining titles and in April of this year, the Norwest Technical report estimated 45 to 50 million tons of high quality, medium volatility met coal in place. The drilling program to be completed by year-end is now underway to qualify these estimated tons into measured and indicated resources to significantly enhance the value of our Colombia assets. In addition, we have received the large-scale mining plan from our Colombian mining engineers, which project that production capability of the mine ranges from 741,000 tons in year 2 ramping up to 3 million tons in year 7. The mine is currently permitted and producing under small scale mine permits."
In emphasizing the new developments, Hanks said, "We believe that these events move the business plan forward to increase shareholder value by early development of reserves and cash flow with a very valuable commodity in today's international marketplace."
MMEX Mining Corporation is an exploration stage company engaged in the acquisition and development of coal and other mining assets in South America. The Company searches for commercially viable coal and mineral deposits through acquisitions. MMEX Mining Corporation is publicly traded on the OTC market under the ticker symbol "MMEX" and is headquartered in Dallas, Texas USA. For more information please visit .
This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "anticipate," "project," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements reflect current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks and uncertainties, including those discussed in the Company's reports filed from time to time with the Securities and Exchange Commission. The Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.
Ms. Maribel Dejohn
MMEX Mining Corporation
T: +1.214.880.0400
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Datum: 22.08.2011 - 06:00 Uhr
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News-ID 1032336
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