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Quest Minerals & Mining Announces 2,000 Clean Ton Purchase Order for Deep Mine Coal
Thursday , June 07, 2007 06:00ET
PATERSON, N.J., Jun 07, 2007 (BUSINESS WIRE) -- Quest Minerals & Mining Corp. (OTCBB: QMMG; Frankfurt: QMN.F), a Kentucky based operator of energy and mineral related properties, announced today that it received a purchase order for 2,000 clean tons of deep mine coal. To date, it has shipped 350 tons pursuant to the purchase order, and remaining shipments are to be delivered during June 2007. The quality of coal which must be delivered is 12,000 BTU per pound, with a maximum of 0.6% sulfur and less than 30% ash.
Eugene Chiaramonte, Jr., President of Quest, stated, "We are excited to report that we have received this purchase order for our deep mine coal. We have already started shipping coal under this order and we fully anticipate being able to fulfill the entire order, even though we have limited production capacity due to ongoing mine rehabilitation, which we except to complete in the near future. Fulfilling this order would allow us to recognize approximately $100,000 in gross revenue."
In addition, Quest announced that it is beginning to sample an additional seam, the "Taylor seam," located in Hurricane Branch, which is adjacent to Slater's Branch. Quest intends that this seam would be its third coal production seam to be reopened, along with the Pond Creek seam, which it is currently mining, and the Lower Cedar Grove seam, which it seeking to reopen. Reopening of Lower Cedar Grove or the Taylor seam will require Quest, with its contract miner, General Mining, to rehabilitate the mine and obtain all required insurance, permits, and approval to recommence mining operations.
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.
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