BELFRY, Ky., Mar 15, 2006 (BUSINESS WIRE) -- Quest Minerals & Mining Corp. (QMMG), a Kentucky based operator of energy and mineral related properties, announced today that it has reopened its Pond Creek mine at Slater's Branch, Kentucky and has placed mining equipment back into the mine. Quest's contract miner has received the required insurance, permits, and approval to recommence mining operations and is seeking to commence mining operations by the end of March.
Quest will use a contract miner for the Pond Creek mine. Under the terms of the agreement with the contract miner, Quest will receive a minimum of $7.75 per ton of clean coal mined from Pond Creek, which will be escrowed under the terms of a Boyd County court order and used to repay accrued royalties and creditors of Quest's wholly-owned subsidiary, Gwenco, Inc. This arrangement is subject to revision, amendment, or revocation by the Boyd County Court.
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, has acquired coal properties, one of which, the Pond Creek Mine it operates, and seeks to acquire and operate other energy and mineral related properties, in the southeastern part of the United States. Quest focuses its efforts on its Pond Creek Mine that will produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at www.questminerals.com.
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Quest Minerals and Mining "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Quest Minerals and Mining's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Quest Minerals and Mining, as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Quest Minerals and Mining believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Stockholders, potential investors, and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, including, but not limited to, Quest's current lack of revenue producing operations, Quest's current lack of working capital, Quest's current debt obligations, many of which are or may be in default, current judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, including debt in default, difficulties in accelerating internal sales growth, difficulties identifying and acquiring complementary businesses, restrictive covenants in its existing credit facilities, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, and other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission. These factors are not exhaustive. New factors, risks, and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Quest Minerals and Mining does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
As a result of these and other factors, current results may not be indicative of Quest Minerals and Mining's future performance. For more information on Quest Minerals and Mining and for a more complete discussion of the risks pertaining to an investment in Quest Minerals and Mining, please refer to Quest Minerals and Mining's filings with the Securities and Exchange Commission.
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