Quest Minerals & Mining Acquires Kentucky Coal Mine Operator
SPONSOR ADS
Jun 15, 2004
BELFRY, Ky.--(BUSINESS WIRE)--June 15, 2004: Quest Minerals and Mining Corp. (OTCBB:QMMG), a Utah corporation, today announced it has completed the acquisition of D&D Contracting Inc., a privately-held coal mine operator based in Pikeville, Kentucky. As part of the transaction, Quest has issued 600,000 restricted shares of its common stock to acquire all outstanding shares of D&D.
Quest acquires and operates energy and mineral-related properties in eastern Kentucky, southwestern West Virginia, and western Virginia. D&D's primary business is a mining contract to operate the Bear Fork coal mine in eastern Kentucky on behalf of Landmark Mining Inc. D&D's former president, Daniel Stallings, will join Quest's management team and continue to oversee the company's Bear Fork operations.
"Quest continues to acquire high-quality coal operations - and add proven executives like Danny Stallings," said William "Randy" Wheeler, CEO of Quest Minerals and Mining. "We plan to invest in and improve the infrastructure at Bear Fork to raise its production significantly by the end of this summer."
Located on the Amburgey seam near Pikeville, Kentucky, the Bear Fork mine contains approximately 10 million tons of proven, mid-sulfur high-grade steam coal reserves. This coal requires washing at a preparation plant before it can be sold to public utility companies in eastern Kentucky and southern Ohio to produce electricity. Under the current contract with Landmark, Quest will receive payment per clean ton of coal mined at Bear Fork, with additional pricing bonuses for higher monthly volumes. Quest targets increasing production at the Bear Fork mine up to 35,500 to 40,000 clean tons per month by the end of the third quarter of 2004.
Further information about Quest Minerals and Mining can be found on the Web at: www.questminerals.com
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Statements in this press release that are not statements of historical or current fact constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes,'' "belief,'' "expects,'' "intends,'' "anticipates,'' "will,'' or "plans'' to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
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As a result of these and other factors, current results may not be indicative of Quest Minerals and Mining's future performance. For more information on Quest Minerals and Mining and for a more complete discussion of the risks pertaining to an investment in Quest Minerals and Mining, please refer to Quest Minerals and Mining's filing with the Securities and Exchange Commission.
