VSUS Technologies Inc. Provides Update on Exploration and Production Plans for their Metallurgical Coal Mining Project in Colombia
BOGOTA, Colombia, March 1, 2012 /PRNewswire/ -- VSUS Technologies Inc. (OTCQB: VSUT) ("VSUS" or the "Company") is pleased to provide an update on exploration of La Tabaquera Coal Mine in Guaduas, Colombia, along with an outline of the steps they plan on taking to start production.
Last year VSUS Technologies acquired Contract Concession # ILE-09551 granted for the Exploration and Exploitation of a Carbon Mineral and other Grantable Mineral Deposits by the Colombian Institute of Geology and Mining (INGEOMINAS). Preliminary exploration, based on an engineering report posted on the company website, shows this concession has close to 17 MM metric ton of coal reserves, 70% metallurgical and 30% thermal. These reserves were appraised by a licensed mine appraiser in Colombia for an estimated gross value of US$ 70 MM "in situ" in the ground.
The company also signed an LOI to acquire the adjacent concession, La Herradura, with an expected 70 -100 MM ton of coal reserves. VSUS plans to close on this concession in the near future.
In order to obtain a mining permit in Colombia, a Work Program (PTO) and an Environmental Management Plan (PMA) are required by mining code. The Company plans to take the following steps to get La Tabaquera to production with proven reserves...
- Close on the necessary financing required to complete the steps below. The Company has been approached with several funding options and will choose the most beneficial for all shareholders. VSUS is actively seeking the best terms possible.
- Complete the Environmental Impact Assessment (EIA) started last year by Incoplan S.A. The company has already paid $ 88,000; the remaining $ 141,000 will be paid upon financing. This assessment takes a total of 6 months to complete; 3 months of studies have already been started. www.incoplansa.com
- Develop the Work Program; this takes 45 days to complete in conjunction with the EIA.
- Commence sub surface drilling needed for the EIA and a N.I. 43-101 Technical Study; this will be done by Incoplan.
- Contract SGS to accompany Incoplan on the drills to take custody of the core samples back to their laboratories for proper certification. The Company plans to hire SGS to create a N.I. 43-101 Technical Study. www.sgs.com
- Submit the Environmental Management Plan (PMA) and Work Program (PTO) to the proper government agencies to obtain a mining permit; it should take 1-3 months for approval.
- Begin mine build out including housing for workers, roadwork, etc.
- Purchase necessary mining equipment or contract with an experienced local operator.
- Hire personnel to begin production of 30,000 tons per month.
- Contract Deloitte to develop a bankable Feasibility Study of the mining project. www.deloitte.com
- Obtain a rating from Moody's for the mining project based on the Feasibility Study.
- Apply to a larger stock exchange to raise money to expand operations and make favorable acquisitions, sell the mine to highest bidder, or joint venture with a major international producer. VSUS may be in a position to list on a larger exchange before they start production.
"We have all the necessary relationships in Colombia with Incoplan, SGS, and Deloitte to complete all of these steps in the most time and cost efficient manner possible," stated John Campo, President of VSUS Technologies Inc.
Transportation, Logistics and Other Information
With proper financing VSUS Technologies plans to build or acquire wholly owned river loading facilities on the Magdalena River close to our mines. The coal will be trucked to these river ports, and then barged via the Magdalena River to terminals in Barranquilla, Santa Marta, or Cartagena for export. Initially we will use existing service providers while our transportation projects are being developed. The Colombian and Chinese Governments are jointly improving railroads that will facilitate local coal producers' ability to export. After the rail projects and the "Road to the Sun" project are completed, VSUS Technologies will have one of the only coal mines in the World with river, rail, and road access to coal export terminals on both the Atlantic and Pacific Oceans.
About VSUS Technologies Inc.
VSUS Technologies is a growing company that is acquiring coal concessions in Colombia in order to satisfy the world market demand for coal. Once a concession is acquired and the necessary financing is obtained, the Company will begin all the required environmental and geological studies to get them into production as efficiently as possible. The Company plans to have three revenue producing business units in Colombia: coal mining, coking oven facilities, and docks and river transportation along the Magdalena River. The Company is also exploring allegiances with U.S. universities to study capturing Coal Bed Methane (CBM) in Colombia. For more information on our company visit our new website at www.vsustechnologies.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 may 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. VSUS Technologies, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
VSUS Technologies Inc.
Mr. John Campo
(57) 318-657-0918 Colombia
Cra. 16 # 79-31 Suite 703a
SOURCE VSUS Technologies Inc.
More by this Source
VSUS Technologies Inc. Announces Name Change to New Colombia Resources, Inc.
Jan 10, 2013, 09:00 ET
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.