First Colombia Gold Corp Reaches Agreement to Lease Coal Mineral Rights and Receive Assignment of Coal Permit
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9:36 AM ET 5/4/17 | GlobeNewswire
First Colombia Gold Corp. (OTCPink: FCGD) announced today that they have reached an agreement to lease a track of land located at 12964 S. Hwy 421 Manchester, Kentucky 40964. The company additionally announced that they simultaneously completed an agreement to be assigned the active coal permit for the property.
The property is a surface coal mine located in the south central portion of Clay County in Kentucky and has 102 acres already permitted. The site has three primary seams of coal which the company plans to mine which includes the Haddix, Fireclay and Amburgy seams. The Haddix seam ranges in thickness from 48 inches to 55 inches and will be mined using the area mining method. The Fireclay, which is approximately 30 inches is located approximately 200 feet below the Haddix and will be mined using the Contour/Auger method of mining. The Amburgy which is approximately 26 feet is located near creek level and will be mined using the Contour Method of mining.
Jason Castenir, CEO of First Colombia Gold stated, "Our team has been hard at work to develop this opportunity and complete this transaction. We are very excited to see this come to fruition and we feel that opportunity within this lease is tremendous."
The permit that is already in place for the property includes 813,450 tons on the Haddix seam, 443,700 tons on the fireclay seam and 384,540 tons on the Amburgy seam. Castenir continued, "Our next phase is to begin adding contractors and individuals to our team that can ensure success on the ground. We are currently interviewing key individuals that will bring the experience and talent necessary to begin operations on ground. We will continue to update the market as these talks progress."
