Royal Coal (RDA - TSX.V) Signs Letter of Intent to Acquire Coal Property in Kentucky - Video News Alert Posted on InvestmentPitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia - December 21, 2010 - Royal Coal Corp. (RDA-TSX.V)
("Royal Coal" or the "Company") announced the signing of a Letter of Intent to
acquire a group of eight properties, one of which is already permitted, that
management considers to have a significant high quality thermal coal deposit
located in Eastern Kentucky ("the Property"). Production is expected to commence
under the existing permit in the second quarter of 2011.
InvestmentPitch.com's video news alert discusses this project. If the link is
unavailable, please visit www.investmentpitch.com, and enter "Royal Coal" in the
search bar.
The Property consists of approximately 14,000 acres with the majority being
surface mineable. The Company has commenced a drill program in order to produce
a resource estimate compliant with NI43-101 standards. The Property is privately
owned and the total purchase price is US$6,000,000 payable on closing and a
royalty capped at US$9,000,000.
Tom Griffis, Chairman of Royal Coal, commented "This property will be an
excellent addition to our portfolio and is in line with our growth strategy
aimed at securing additional significant open pit reserves with long term
production."
The Company has provided a non-refundable deposit of US$100,000 for a 45-day
option to complete final due diligence and enter a definitive purchase
agreement. Closing of this acquisition is expected by February 28, 2011 and is
subject to Royal Coal completing financing arrangements.
About Royal Coal
Royal Coal is a coal exploration and production company, headquartered in
Toronto, Ontario, Canada with a regional office in Hazard, Kentucky, U.S.A.
whose primary business focus is developing producing surface coal mining
operations in the Central Appalachian coal producing region of the United
States, which includes parts of West Virginia, Virginia, Kentucky, Ohio, and
Tennessee.
Contact:
Royal Coal Corp
Tom Griffis, Chairman
416-861-8775
www.royalcoal.com
Investmentpitch.com
Barry Morgan, CFO
604-684-5524
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
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Datum: 21.12.2010 - 23:25 Uhr
Sprache: Deutsch
News-ID 49972
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Kategorie:
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