BOGOTA, Colombia, Sept. 20, 2011 /PRNewswire/ -- VSUS Technologies Inc. (OTCQB: VSUT), a coal company with operations in Colombia, today announced the preliminary results of a recently completed Estimate of Reserves Engineering Report at its La Tabaquera coal mining concession in Guaduas, Colombia.
According to the engineering report there are 17,000,000 metric tons of coal reserves on this property. The width of the property was measured at 238 meters by a length of 2150 meters, taking into consideration 20 layers with variable widths between 20 cm to 7 meters. With this method the reserves were calculated at 13,073,935 m3, equivalent to a total of 16,996,116 metric tons, assuming a density of 1.3 ton/m3. The full report is being translated and will be posted on the company's website.
For purposes of this evaluation, it is estimated that 70% of the reserves are exploitable. It is also estimated that the price for coal in the ground "in situ" is US $ 3/mt for thermal coal and US $ 9/mt for metallurgic or coking coal. According to this valuation method the gross value of the coal reserves while in the ground at La Tabaquera is US $ 70,230,085, taking into account 70% exploitation, the "in situ" value of the mine exceeds $ 49,000,000.
"Our team visited the mine on September 6th and 7th and identified other concessions in the area with potential sizable reserves that we intend to acquire from our major shareholder once the contract concessions are granted. They will add up to an additional 5000 ha with the probability of hundreds of millions of metric tons of high quality coal reserves," commented John Campo, President of VSUS Technologies Inc.
The Company President, John Campo, will be featured on the nationally syndicated radio program "Stu Taylor on Business" airing today September 20, 2011, at 11:30a.m. (EDT) on Money Matters Radio. The program can be heard live on WBNW-AM 1170, Boston's business and financial radio station, and over the Internet at www.moneymattersradio.net and www.livestream.com/wbnw1120. The program will be re-broadcast on the Business Talk Radio Network Wednesday September 21, 2011, at 1:30p.m. (EDT). All shows are archived and available on the Internet for four weeks following their original broadcast at www.businesstalkradio.net.
Transportation, Logistics and Other Information
VSUS Technologies is consulting 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 the Ports of Barranquilla, Santa Marta, or Cartagena for export. The Company plans to build or acquire a river barge transportation company and an export coal terminal in Barranquilla, Colombia. Initially we will use existing facilities 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 specializing in acquisitions of revenue generating businesses. The company has daily interactions with possible acquisition targets looking to expand our operations and the company revenue stream. We have recently signed an Agreement to acquire a mining concession by the name of La Tabaquera in Colombia. Over the past year the Company has continued to search for the right business plan and business model to add to the company's overall value. With core values of environmental and capital stewardship, we will strive to become good environmental neighbors and provide all shareholders operating and financial transparency. Our Company plans to have three revenue producing business units in Colombia: coking and coal mining, docks and river transportation along the Magdalena River, and a coal export terminal on the northern coast of Colombia. 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 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.
SOURCE VSUS Technologies Inc.