Quest Minerals & Mining Begins Production at Pond Creek.
SPONSOR ADS
Sep 22, 2004
BELFRY, Ky. -- Sixth graph, first sentence of release should read: ...we will be able to shift it immediately to the Lower Cedar Grove seam and begin mining there," said Fred Runyon, President of Quest Energy, a subsidiary of Quest Minerals and Mining. (sted ...we will be able shift it immediately to the Lower Cedar Grove seam and begin mining there," said Fred Runyon, President of Quest Minerals and Mining).
The corrected release reads:
QUEST MINERALS & MINING BEGINS PRODUCTION AT POND CREEK
Quest Minerals and Mining Corp. (OTC BB: QMMG), a Utah corporation, today announced that production has begun as of September 1, 2004 in its Pond Creek seam. This seam of high quality compliance coal is located at Slater's Branch, South Williamson.
Quest acquires and operates energy and mineral-related properties in eastern Kentucky, southwestern West Virginia, and western Virginia.
"Quest is excited to bring the first of the Slater's Branch mines into production," said William "Randy" Wheeler, CEO of Quest Minerals and Mining. "This milestone showcases our commitment to operational growth and allows us to continue acquiring additional complementary properties."
Using continuous mining techniques, Quest intends to drive 800' to where the coal seam is expected to thicken above 36". During this initial 30-day period, coal will be sent to a preparation plant to be washed. Once thicker coal is reached, Quest intends to implement two conventional mining operations yielding about 20,000 tons of clean coal per month.
Subject to negotiations regarding a preexisting "Coal Supply Agreement" with Duke Energy Merchants LLC, coal from Pond Creek will be sold to either Duke or on the open market. Current NYMEX prices for coal of this quality are approximately \$62/ton.
"Once the continuous miner is finished on the Pond Creek seam, we will be able to shift it immediately to the Lower Cedar Grove seam and begin mining there," said Fred Runyon, President of Quest Energy, a subsidiary of Quest Minerals and Mining. "Our target is to mine 40,000 tons per month of raw coal from both of our Slater's Branch mines. By the fourth quarter this should equate to production of over 40,000 tons of clean coal per month from Pond Creek and Lower Cedar Grove."
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," "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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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.
