First Colombia Gold Corp Reaches Agreement to Lease Coal Mineral Rights and Receive Assignment of Coal Permit
Nashville, TN., May 04, 2017 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCPink: FCGD) announced today that they have reached an agreement to lease a track of land located at 12964 S. Hwy 421 Manchester, Kentucky 40964. The company additionally announced that they simultaneously completed an agreement to be assigned the active coal permit for the property.
The property is a surface coal mine located in the south central portion of Clay County in Kentucky and has 102 acres already permitted. The site has three primary seams of coal which the company plans to mine which includes the Haddix, Fireclay and Amburgy seams. The Haddix seam ranges in thickness from 48 inches to 55 inches and will be mined using the area mining method. The Fireclay, which is approximately 30 inches is located approximately 200 feet below the Haddix and will be mined using the Contour/Auger method of mining. The Amburgy which is approximately 26 feet is located near creek level and will be mined using the Contour Method of mining.
Jason Castenir, CEO of First Colombia Gold stated, “Our team has been hard at work to develop this opportunity and complete this transaction. We are very excited to see this come to fruition and we feel that opportunity within this lease is tremendous.”
The permit that is already in place for the property includes 813,450 tons on the Haddix seam, 443,700 tons on the fireclay seam and 384,540 tons on the Amburgy seam. Castenir continued, “Our next phase is to begin adding contractors and individuals to our team that can ensure success on the ground. We are currently interviewing key individuals that will bring the experience and talent necessary to begin operations on ground. We will continue to update the market as these talks progress.”
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.