this is from the 8-K
VALUE
To determine the value of coal of the quality of this reserve, the author contacted an acquaintance, Mr. Gerald Stokley. Mr. Stokley has operated a coal brokerage business based in Beckley, West Virginia for more than 20 years. He further provided the attached notarized letter stating the coal of the subject reserve quality has a current market value of US $100 to $125 per ton. He further suggested that I contact Mr. Teddy Schonan for further value confirmation. Mr. Schonan operates an international coal trading business based in Brooklyn, New York that buys and sells many millions of tons of coal per year
Based on this information, the author has chosen to use an average value price of US $110.00 per ton for the purpose of this report.
TOTAL RESERVE VALUE $ 503,212,490.00
As calculated above, the total amount of coal located in this reserve has been proven to be 4,574,659 tons. At the above-stated value of US $110 per ton, the total gross value of this reserve may be calculated as US $503,212,490 or more than five hundred three million US dollars
