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Wednesday, February 8, 2012

MMEX Mining announces agreement for final closing for Colombia Metallurgical Coal Project

Wednesday, 08 Feb 2012

MMEX Mining Corporation announced that it executed on February 2, the final document prior to funding its exclusive option agreement for its Colombia metallurgical coal mining business plan.

Mr Jack Hanks, the Chairman and Chief Executive Officer of MMEX, announced that MMEX and its Colombia partners have entered into the final amended agreement to acquire its 50% interest in its first metallurgical mine project in Colombia.

In addition, Hanks confirmed, that amended permits for the concession to allow production up to 1.6 Million tons of coal have been issued by regulatory authorities.

Mr Hanks said that "We are anticipating closing on our exclusive option agreement by February 29th 2012. We have signed the amended agreement to close and are in the final steps of the financing. We are very pleased that the concessions have now been awarded all of the permits necessary to produce up to 1.6 million tonnes of high quality metallurgical coal in Colombia."

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