posted
watch for increase in volume, that will give a good sign of news coming and buying in anticipation
Posts: 4071 | Registered: Dec 2005
| IP: Logged |
Quest Minerals & Mining Completes Mine Plan and Maps Thursday February 1, 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 announced that its engineering firm, Alchemy Engineering of Prestonsburg, Kentucky, has completed the one and five year mine plan and maps required by the Kentucky Department of Mines and Minerals in connection with its permit to conduct coal mining at its Pond Creek Mine at Slater's Branch, Kentucky. The mining permit is held by Quest's wholly-owned subsidiary, Gwenco, Inc., and allows Gwenco to recommence mining operations at the Pond Creek Mine.
With the necessary issued mine permit and the required maps and plan, Quest intends to immediately engage a contractor to recommence mining production by the middle of March, 2007. Gary Ousley, President of Alchemy Engineering, states, "The base data provided by TEE Engineering of Stanville, Kentucky, and the recommended mine plan by the contractor, are sound and solid. This plan opens up additional adjacent acreage that might increase reserves by leading to old Massey works." Gwenco currently leases over 600 acres of coal mines that have approximately 12,999,000 tons of coal; 9,000,000 of which are proven reserves.
Eugene Chiaramonte, Jr., President of Quest, stated, "While coal prices have recently declined, the coal at the Pond Creek mine has inherently lower sulfur, making it a more valuable commodity due to its blending capabilities."
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, 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, 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.
posted
Sounds good, mining starts in about 6 weeks and 10's to 100's of millions of dollars in coal.
Posts: 201 | From: GA | Registered: Dec 2006
| IP: Logged |
posted
yes, 9M to 13M tons of coal. At $47 dollars a ton for low sulfer coal, we're talking about $400 to 600 Million worth of coal!
Posts: 4071 | Registered: Dec 2005
| IP: Logged |
posted
we are way undervalued at these levels .0114/.0139 MM's trying a big spread to hold it down imo
Posts: 4071 | Registered: Dec 2005
| IP: Logged |
-------------------- If your not on the edge of ur seat, sell it! Everything posted is my opinion! Posts: 992 | From: H-town | Registered: Nov 2006
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
