GUADUAS, Colombia, Oct. 30, 2014 /PRNewswire/ -- New Colombia Resources, Inc. (OTCQB: NEWC) ("New Colombia or the Company"), a U.S. company with coal and other resource assets in Colombia, is pleased to update shareholders on the progress of their mining operations. New Colombia is nearing completion of the development of its 1000 cubic meter per day rock quarry on their property.
New Colombia's Work Plan has been approved by the National Mining Agency (ANM) for coal and other grantable minerals. In addition to coal, the company has vast amounts of rocks and other raw building materials on their green fields within their concession contract. Machines and workers are onsite doing roadwork and clearing for the start of Quarry operations. The mining and crushing equipment is available to be moved on site and begin processing within two weeks. Full mining operations are anticipated to begin in the near future with the issue of the final environmental permit approval, which is controlled by local authorities.
Company Director, Erasmo Almanza, said, "I am from this area and our mining operations have the support of local residents and businesses. Many of the area's workers and the local economy of the Guaduas region will benefit from our activities. We are committed to using local labor and service providers whenever possible."
The company will begin selling unprocessed aggregates while the crushing plant is being installed. During the first months of operation the plant can process over $500,000 per month in material. With their environmental permits in the final stage of processing, New Colombia will soon begin to deliver product and produce revenue.
John Campo, President, stated, "Based on the Intent to Purchase Agreement for 600 cubic meters of crushed rock per day received in June and other sales opportunities, we believe it is possible to process and deliver $500,000 to $1,000,000 of crushed rock per month. This one intent to purchase is for at least $675,000 or more per month. The approximate price for gravel in Bogota is US $45 per metric cubic meter and $110 per cubic meter for rock phosphate."
New Colombia Resources, Inc.
New Colombia Resources, Inc. is focused on the acquisition and development of high-quality metallurgical coal properties and other available resources in the Republic of Colombia. They expect to have several revenue producing businesses including; metallurgical coal mining and rock quarry aggregates for domestic Colombian highway and railroad building projects. The Company owns 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15-17 million tonnes of reserves. They have another pending acquisition for 390 ha and a solicitation contract for 184 ha metallurgical coal concession. For more information on the Company visit 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.
New Colombia Resources, Inc., mining subsidiary
Cia. Minera San José Ltda.
Kra. 3 # 2-52
SOURCE New Colombia Resources, Inc.