Xinergy Ltd. Announces Filing of NI 43-101 Technical Report for True Energy Metallurgical Reserves
Toronto Stock Exchange: XRG
(All Amounts in $US unless otherwise stated)
KNOXVILLE, TN, Oct. 18, 2011 /PRNewswire/ - Xinergy Ltd. (TSX:XRG and XRG.WT) ("Xinergy" or the "Company"), a US Central Appalachian producer of high quality coal, is pleased to announce that it has completed a detailed review of the mineral exploration, development and production activities at True Energy, its active high volatility metallurgical coal surface mining operation ("the Property") located in Wise County, Virginia. The work was conducted under the supervision of Tracy Goff, P.E., of Summit Engineering Inc., who is a Qualified Person and independent of the Company as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), and is detailed in an NI 43-101 technical report on the Property entitled "An Independent National Instrument 43-101 Report Summarizing Mineral Exploration, Development, and Production Activities of the Long Canyon Project Area, Wise County, Virginia" dated October 17, 2011 (the "Technical Report"). The Technical Report indicates that there are approximately 2.7 million proven and probable mineral reserve tons on the Property. The coal averages 12,798 BTU/lb, has an average sulfur content of 1.40 percent and an average ash content of 12.34 percent. These results supersede the estimated results that were disclosed in a press release dated July 27, 2011 when the acquisition was announced. The complete Technical Report is available on the Company's website www.xinergycorp.com and under the Company's profile at www.sedar.com.
Bernie Mason, Xinergy's President, said, "We are pleased to provide our shareholders with the detailed information contained in this Technical Report. Our team in Virginia has done a great job of integrating this mine into our operations."
Tracy Goff, P.E., of Summit Engineering Inc., who is a Qualified Person and independent of the Company as defined in NI 43-101 has reviewed and approves of the scientific and technical information within this news release relating to the mineral reserve estimate and serves as the Qualified Person as defined in NI 43- 101.
About Xinergy Ltd.
Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in eastern Kentucky, West Virginia and Virginia. Currently, Xinergy sells high quality coal to electric utilities and industrial companies throughout the south-eastern United States. For more information, please visit www.xinergycorp.com.
SOURCE Xinergy Ltd.