Quest Minerals & Mining Provides Updates on Reopening of Pond Creek Mine at Slater's Branch, Acquisition of Parsons Branch Permit
Thursday March 29, 6:30 am ET
PATERSON, N.J.--(BUSINESS WIRE)--Quest Minerals & Mining Corp. (OTCBB: QMMG - News; Frankfurt: QMN.F - News), a Kentucky based operator of energy and mineral related properties, today provided an update on its efforts to reopen its Pond Creek mine located at Slater's Branch Kentucky.
Rodney A. Robinson, President of General Mining, Quest's mine operator, stated, "We are pleased to report that our rehabilitation and reopening of the Pond Creek mine is currently on schedule. We have made significant progress in completing the required rehabilitation items, and we continue to believe that we can complete these items by the end of April, 2007. Once we have completed this rehabilitation, we can begin mining coal at Pond Creek."
In addition, Quest provided an update on the non-binding letter of intent between Quest and Parsons Branch Development to acquire a permit to mine the Elkhorn #2 seam on Parsons Branch located in Mud Creek, Kentucky. Parsons Branch Development has approximately 450,000 tons of clean coal under lease at this location. The letter of intent remains in effect and Quest intends to complete this transaction. Upon completion of the transfer of the permit to Quest, Quest would retain all revenues from coal sales after payment of a royalty to Parsons Branch of $1.50 per clean ton mined and expenses of mine operations, which are expected to be carried out by a contract miner.
Thursday March 29, 6:30 am ET
PATERSON, N.J.--(BUSINESS WIRE)--Quest Minerals & Mining Corp. (OTCBB: QMMG - News; Frankfurt: QMN.F - News), a Kentucky based operator of energy and mineral related properties, today provided an update on its efforts to reopen its Pond Creek mine located at Slater's Branch Kentucky.
Rodney A. Robinson, President of General Mining, Quest's mine operator, stated, "We are pleased to report that our rehabilitation and reopening of the Pond Creek mine is currently on schedule. We have made significant progress in completing the required rehabilitation items, and we continue to believe that we can complete these items by the end of April, 2007. Once we have completed this rehabilitation, we can begin mining coal at Pond Creek."
In addition, Quest provided an update on the non-binding letter of intent between Quest and Parsons Branch Development to acquire a permit to mine the Elkhorn #2 seam on Parsons Branch located in Mud Creek, Kentucky. Parsons Branch Development has approximately 450,000 tons of clean coal under lease at this location. The letter of intent remains in effect and Quest intends to complete this transaction. Upon completion of the transfer of the permit to Quest, Quest would retain all revenues from coal sales after payment of a royalty to Parsons Branch of $1.50 per clean ton mined and expenses of mine operations, which are expected to be carried out by a contract miner.
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