Quest Minerals Plans Coal and Gas Joint Venture with JJResources, Inc.
SPONSOR ADS
Sep 12, 2005
SOUTH WILLIAMSON, Ky. -- QUEST MINERALS AND MINING (OTCBB: QMMG) announced today its intent to enter into a joint venture with JJResources Inc. (JJR) to develop several coal and gas properties in southern Kentucky.
The initial project will be 11,000,000 tons of engineered Hazzard #4 Rider coal.
The project already has mining permits in place and Quest anticipates that it will require a total of \$500,000 from both venture partners to place this seam into production. Quest plans to begin production in the new Hazzard seam in late 2005 at the rate of 40,000 tons per month.
Additional properties that Quest intends to develop with JJR, which are subject to additional financing may be in excess of 100,000,000 tons.
Regarding the joint venture, Quest CEO Randy Wheeler said, "This relationship marks our initial expansion and diversification program previously announced in late July to increase shareholder value and diversify our current properties. The addition of JJR's coal reserves to our owned and operated reserves to a total of 13 million tons of coal."
The company is currently raising capital to adequately pursue this expansion, 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.
Further information about Quest Minerals and Mining can be found on the Web at: www.questminerals.com.
Safe Harbor Statement:
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, "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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Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as Quest Minerals and Mining "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe Quest Minerals and Mining's future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of Quest Minerals and Mining, as appropriate, which could cause actual results to differ materially from those currently anticipated. Although Quest Minerals and Mining believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and Quest Minerals and Mining does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
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.
