BARRANQUILLA, Colombia, November 11, 2016 /PRNewswire/ --
New Colombia Resources, Inc. (OTC: NEWC) ("New Colombia or the 'Company"), a Colombian company listed in the U.S. with premium metallurgical coal properties and medical marijuana operations, is pleased to announce that last week, mining engineers discovered a new outcropped coal seam over 3 meters wide. Engineers from another company were visiting the property to propose a contract to develop some of the assets. To view a picture of the coal seam visit https://drive.google.com/open?id=0BxSKP5j2FlsedUpXZVJnZ3JxVXc
The Company has an approved Work Plan for coal mining, however, they're awaiting approval of a rock mining permit to begin operation on both rocks and coal. Metallurgical coal is the hottest commodity this year with surging prices over 400% since January. http://www.wsj.com/articles/coal-prices-on-fire-1478840770
To view an official letter from the National Mining Agency (ANM) with a complete history of the Company's mining title visit https://drive.google.com/open?id=0BxSKP5j2FlseY3VGcl9WUUpBa0k
The recent rally in metallurgical coal coupled with the election of Donald Trump for President has spurred significant interest in the metallurgical coal industry. Colombian coal accounts for close to 75% of coal imports to the U.S. and the company has been approached about possibly blending their coal to upgrade U.S. coal of lesser quality.
New Colombia Resources' Blue Gem coal is only found on the KY-TN border and central Colombia and is used to produce specialty metals such as Silicone to make solar panels, electric car batteries, and many more next generation products. New Colombia Resources has concession contracts and applications totaling 5000 HA of high quality metallurgical coal that will always be needed to produce steel and other specialty metallurgy products.
According to a mining assessment posted on the company's website, New Colombia Resources has an estimated 17 Million tonnes of coal on the first mining title they are developing. It is estimated to be 70% metallurgical and 30% thermal, the value of the metallurgical coking coal at today's market prices would be $ 3.6 Billion. Company subsidiary, Compañía Minera San Jose Ltda. has entered into a $ 200 Million LOI with a foreign company to develop their coal mines to build and supply a power plant at the company's property. This would provide a local market for their thermal as the metallurgical coal is exported to the World markets.
Colombia's new rail projects significantly decrease transportation costs to export terminals. New Colombia's logistic coordinator, Miguel Centanaro, is rehabilitating railroads to haul premium coking coal direct from the mine to ports on the Caribbean coast. Mr. Centanaro was featured in an article in the Business Year, https://www.thebusinessyear.com/colombia-2016/long-wide-rails/interview
Government officials are anxious to help New Colombia Resources develop this project. A meeting with the Minister of Energy and the foreign entity building the power plant is expected to take place this month. Colombia's dependence on hydro-electricity is of great concern to officials due to changing weather patterns. The ANM is encouraging New Colombia Resources to develop their operations as quickly as possible to advance the mining sector in Colombia and provide energy. The Agency is focused on encouraging direct foreign investment to Colombia's mining sector, they are referring international coal buyers to New Colombia Resources.
Shares in OTC listed coal producers Walter Energy Inc. and Peabody Energy Inc. have soared since the U.S. presidential elections. Shares in big board coal producers, like BHP Billiton, Consol Energy Inc., and Cloud Peak Energy Inc. have also seen price increases, though not as significant as the OTC.
New Colombia Resources Inc. is a two-pronged company with not only premium coking coal but medical marijuana operations, two of the hottest sectors in today's market. The Company has a joint venture in Colombia, Sannabis, producing medical marijuana products since 2014. New Colombia has hired a production company in Miami and teamed up with a retired World Series MVP to begin marketing some of these products in the U.S. where legal. For a concise independent analysis of New Colombia Resources Inc. visit https://www.insiderfinancial.com/new-colombia-resources-inc-otcmktsnewc-continues-to-run-up-on-two-pronged-strategy/118133/
New Colombia Resources, Inc.
New Colombia Resources, Inc. owns vast reserves of premium metallurgical coal mining titles and a medical marijuana joint venture in the Republic of Colombia. They are setting up a rock mining operation to supply the major road and infrastructure projects within miles of their properties. They own 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15- 17 million tonnes of reserves. They have an additional 1196 ha. metallurgical coal mining title that they are negotiating to develop with a foreign entity to build a coal fired power plant. New Colombia Resources holds a significant position in Sannabis SAS which legally produces medical marijuana products in the Republic of Colombia, visit http://www.sannabis.co. For more information on the Company visit http://www.newcolombiaresources.com
Forward Looking Statements
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements might not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. New Colombia Resources, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
New Colombia Resources, Inc.
SOURCE New Colombia Resources Inc.