Should have news shortly, we are now 6 weeks into the LOI announced Jan 16 and LOI's usually take 6 to 10 weeks to settle, this puts the company in an operating and incoming producing category so it may be time to evaluate the holding before the spike up in price, especially from this level. With LA TABAQUERA mine showing a value of $75 million proven reserves this new neighboring mine will be a golden add-on and will be in production once the permitting is complete.
Now would be the time to add, I have tried calling John Campo in Columbia a few times this week but has been out of touch since we talked last week
it has entered into a definitive agreement to acquire Compania Minera San Jose Ltda. in Colombia from Erasmo Almanza.
Compania Minera San Jose Ltda. is a twelve year old company set up to explore and exploit coal in central Colombia. (NEWC New Columbia) VSUS Technologies is acquiring "San Jose Mining" to use as an operating subsidiary for their coal operations in Colombia. The Company acquired Concession Contract # ILE-09551 from Erasmo Almanza in February, 2011. According to Article 22 from Law 685 of 2001, upon approval by the National Mining Agency, Mr. Almanza can cede title of the Concession Contract to the company's wholly owned subsidiary. The Company does not anticipate any issue with the transfer of title.
The Company intends to elect Erasmo Almanza as a Director. Mr. Almanza holds title to, or has solicited for, over 4000 HA of metallurgical coal concessions in central Colombia. Mr. Almanza brings over 40 years of experience in the coal, oil and gas industries in Colombia and the United States. A petroleum engineer by trade, he is currently General Manager of Compania Minera San Jose since 2000. Prior to that Mr. Almanza held several management positions within the oil and coal industry including Ingepetrol, BAROID International Co. and Core Laboratories International in Houston, Texas. He earned a Bachelors Degree in Petroleum Engineering from the Universidad America in Bogota, Colombia. Mr. Almanza has been exploring for coal in central Colombia for over 15 years.
Economic Darwinism - the process by which Pink Sheet Stuckholders are relieved of their money and removed from the financial ecosystem, thus insuring that they will never become wealthy enough to cause real damage.
