Long Harbour Provides an Update on Its Intent to Purchase a Kentucky Coal Property
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/12 -- Long Harbour Exploration Corp. (TSX VENTURE: LHC) (the "Company") is pleased to provide an update on its Letter of Intent to purchase coal and coal related assets operated in Pike County and Floyd County, Kentucky and owned by Pyramid, Inc.
The assets are located in the renowned Pikeville Coal district, Kentucky's key coal mining district. Currently, Pyramid Inc. sells its coal production into the US pulverized coal injection ("PCI") market for the steel manufacturing industry; however, it has also commenced the process of exploring Asian metallurgical coal markets due to its high quality product and advantageous logistics location. The mine is located 80 miles from river loadout facilities that allow access to ports in the Gulf of Mexico.
Pyramid's property maintains 5 underground and two surface mining permits; two of the underground permits are currently utilized, producing approximately 25,000 tons per month. Planning for the surface mine has already commenced and is expected to require minimum infrastructure costs. In addition, Pyramid owns all land associated with its direct mining operations and therefore is not required to pay third party land royalties.
Long Harbour Exploration CEO, Peter Espig, commented, "We are very pleased with our progress and continue to move ahead with our due diligence, including logistics pricing and negotiations with Asian metallurgical coal buyers, and will commence the process to complete a National Instrument 43-101 compliant technical report prior to signing a definitive agreement."
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
Contacts:
Senergy Communications Inc.
Anthony Zelen
Investor Relations
778-331-2030
Long Harbour Exploration Corp.
Peter Espig
CEO
604-602-9222
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Datum: 13.03.2012 - 08:00 Uhr
Sprache: Deutsch
News-ID 1092206
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