First Colombia Gold Corp Announces Coal Operations Update
Nashville, TN, June 02, 2017 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. (OTCPink: FCGD) provided a detailed operations update today. The company announced that after careful consideration, they have chosen Wesley T. Johnson to lead their coal operations division.
Jason Castenir, CEO of First Columbia Gold Corp. stated, “We are all extremely excited about Mr. Johnson and his capabilities and honored to have him on the team. As we are making this transition into the coal industry, Johnson makes an excellent choice for the new direction of the Company. “
Wes Johnson has over 15 years of experience in the coal industry at varying levels. His expertise in strip mining, terminal management and heavy equipment provides the practical knowledge and leadership that First Columbia Gold Corp. will need to achieve success in this new venture.
“I am excited to lead First Columbia in this new direction and to kick off operations with this first coal lease. This is an exciting time in the market and I believe that my experience and connections within the industry will be a valuable asset to First Columbia Gold Corp.,” stated Johnson.
Johnson is currently located in Kentucky and believes this lease location, also in Kentucky, is located in a very advantageous region. Mr. Johnson continued, “Being centrally located in Kentucky, provides the best access to the Eastern Kentucky coal markets. I intend to focus on two key regional opportunities, our first and easiest market entry is within the Eastern Markets and specifically the ports on the East Coast. As we develop a customer base within that region, we will try to use rail to develop markets in the port of New Orleans.”
The company has further detailed their operations plan. The initial focus will be on the Haddix Seam which ranges in thickness from 48 inches to 55 inches and will be mined using the area mining method. This seam has an existing permit in place which includes 300,000 tons of recoverable coal. The company plans to mine at a rate of 20,000 tons per month and based upon the current market conditions, the company believes that coal will sell in excess of $50 per ton. The initial estimated mining costs for the initial operation are projected to be $40 to $42 per ton giving First Columbia Gold Corp. an $8 per ton margin.
Mr. Castenir gave his thoughts on the overall opportunity within this coal venture, “There is a lot of momentum and activity within the coal industry and there are a lot of opportunities within this sector right now. We have everything we need to succeed with this new venture. We are continuing to build our team and recruit the talent necessary to make a profitable entry into the coal market.”
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.