PATERSON, N.J.--(BUSINESS WIRE)--Quest Minerals & Mining Corp. (OTCBB:
QMNM; Frankfurt:
QMNB.F
), a Kentucky based operator of energy and mineral related properties, today
announced its intent on a joint venture with Powell Branch Energy coal
properties in southern Kentucky.
The initial project would encompass 1,400,000 tons of coal reserves from the
Elkhorn # 3 coal seam structured through a lease agreement to mine property
held by Powell Branch Energy.
Quest CEO Eugene Chiaramonte, Jr. said, “This
relationship continues our expansion and diversification program previously
announced to help increase shareholder value and diversify our current
properties. The Elkhorn # 3 seam has proven to be one of the most accessible
coal seams in Eastern Kentucky with seam heights ranging between 55 to 60
inches. The additional reserves from this project can be reopened and ready to
mine without any rehab. As soon as the permits could be transferred,
production would take place in early 2008 with a potential result of 30,000
tons per month.“
The company is currently raising capital to adequately pursue this
opportunity, and any such expansion by the company will depend on the
company's ability to attract new investment capital to support the potential
growth into these sectors.
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and
mineral related properties in the southeastern part of the United States.
Quest focuses its efforts on properties that produce quality compliance blend
coal. For more information on Quest Minerals & Mining Corp., please visit our
website at
www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Although Quest believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurances that its expectations will be achieved.
Factors that could cause actual results to differ from expectations include,
but are not limited to, lack of revenue producing operations, lack of working
capital, debt obligations, judgments and lien claims against Quest and certain
of its assets, difficulties in refinancing short term debt, difficulties
identifying and acquiring complementary businesses, fluctuations in coal, oil
& gas, and other energy prices, general economic conditions in markets in
which Quest does business, extensive environmental and workplace regulation by
federal and state agencies, other general risks related to its common stock,
and other uncertainties and business issues that are detailed in its filings
with the Securities and Exchange Commission.
Contact:
Quest Minerals & Mining Corp.
Eugene Chiaramonte, Jr., 973-684-0035
Source: Quest Minerals & Mining Corp.
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