BOGOTA, Colombia, Feb. 28, 2013 /PRNewswire/ -- New Colombia Resources, Inc. (OTCQB: NEWC) ("New Colombia" or the "Company") updates shareholders on the progress of their metallurgical coal project in Colombia. The Company is taking the steps necessary to complete an NI-43.101 Technical Study on both their wholly owned "La Tabaquera" metallurgical coal mine and the soon to be acquired "La Herradura" coal mine. The Company entered into a letter of intent with the legitimate owner of "La Herradura" last year which it intends to close within the next quarter.
According to engineering reports, "La Tabaquera" has 15-17 MM metric tons of mostly premium metallurgical coal. The neighboring "La Herradura" is expected to have 6 times that since it's that much larger with the same coal seams. New Colombia Resources received a proposal from the world's leading inspection, verification, testing, and Certification Company to develop a drilling program to complete an NI 43-101 Technical Study. Once New Colombia has the drilling program, they will commence drilling accordingly. The certification company accompanies the drillers to take custody of the core samples back to their lab. A Qualified Person, as defined by the Canadian Securities Administrators, compiles these results into an NI 43-101 Technical Study, which can be used to complete a feasibility study of the project. New Colombia Resources is in contact with its auditors to take full advantage of this Technical Study on the Company's asset statements.
"We're very excited to begin drilling and updating shareholders as each hole is drilled, stated John Campo, President of New Colombia Resources, Inc. "The NI 43-101 is a tool used to measure reserves by investors around the World, this will prove our reserves and allow us to get favorable financing to begin production," further commented Mr. Campo.
The Company is finalizing their recently announced acquisition of Compañía Mineria San Jose Ltda. which will be used as its operating subsidiary in Colombia. New Colombia Resources is also waiting for comments from the Agencia Nacional de Mineria (ANM) on the status of their Works Programme submitted in December. The company has not received any comments, which it deems as a positive sign.
Although New Colombia can sell its premium coal at the mine's gate for a profit, they still plan on establishing a logistics plan to move coal from central Colombia by road, river, and rail.
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About New Colombia Resources, Inc.
New Colombia Resources, Inc. is focused on the acquisition and development of high-quality metallurgical coal properties in the Republic of Colombia. They own 100% of La Tabaquera coal mine in Colombia with an estimated 15- 17 MM tonnes of reserves, 70% metallurgical and 30% thermal coal. Once the necessary financing is obtained, the Company plans to have three revenue producing business units in Colombia: coal mining, coking oven facilities, docks, river, and rail transportation to export terminals in Colombia. The Company is also exploring allegiances with U.S. and Colombian universities to study capturing Coal Bed Methane (CBM) in Colombia. For more information on the Company visit www.newcolombiaresources.com.
Transportation, Logistics and Other Information
New Colombia Resources plans to build or acquire wholly owned river or rail loading facilities on the Magdalena River close to their mines. The coal will be trucked to these distribution centers, and then barged via the Magdalena River or by rail to terminals in Barranquilla, Santa Marta, or Cartagena for export. Initially they will use existing logistics providers while their transportation projects are being developed. After the rail projects and the "Road to the Sun" project are completed, New Colombia Resources will have one of a few metallurgical coal mines in the World with river, rail, and road access to coal export terminals on both the Atlantic and Pacific Oceans.
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. 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.
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SOURCE New Colombia Resources, Inc.