DENVER, CO, Sep 21, 2012 (MARKETWIRE via COMTEX) -- American Power Corp. (OTCBB: AMPW) ("American Power" or "the Company") is pleased to announce the positive completion of the Reserve and Resource Study ("RS") prepared by Weir International, Inc. ("Weir") for the Pace Coal Project.
"We are extremely pleased with the results of the study, which demonstrate the relevance of the Pace Coal project in Judith Basin County, Montana," commented Al Valencia, CEO of American Power. "Delineating coal reserves for the Pace Coal project is an important milestone for us. With total proven and probable reserves of 55.5 million tons and inferred resources of 20.4 million tons on the designated resource area controlled by the Company, the Pace Coal project is well positioned to become a substantial coal mining operation in the region," added Mr. Valencia.
In developing its study, Weir designated a large resource area that also included uncontrolled properties, mostly Federal and State coal lands. Weir developed its study around the central core of American Power's properties which involves less than 50% of the approximately 29,000 acres of coal which the Company holds.
The study states that "further drilling on the Pace Property has the potential to expand reserve and resource area to the northeast, east and southeast of the designated reserve and resource study area," and that "coal reserves and resources underlie the majority of the property."
The Company expects to release the results of the Mine Feasibility Study for the Pace Coal project in due course.
Summary of the Reserve and Resource Study Weir estimated Proven and Probable Reserves in the order of 55.5 million recoverable tons and Inferred Resources of 20.4 million recoverable tons within the designated area controlled by the Company. The estimated coal reserves and resources are summarized as follows:
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