American Resources Corp (AREC)

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The two continuous miners will initially be operated as a "walking" super section during two production shifts. The initial production range of this first phase of expanded production is expected to be 14,000 to 20,000 tons per month, an increase from less than 7,000 tons per month historically from this mine utilizing just one continuous miner during one production shift. The Company expects to complete this first phase of development by the second week of April. Upon completion, American Resources has previously detailed plans to even further expand the coal production at Carnegie 1 to eventually bring total output to approximately 32,000 to 42,000 tons per month. The coal produced from this mine is sold on current metallurgical contracts that range from $97.00 to $102.00 per ton "freight on board" railcar.