Liberty Coal announces coal mine acquisition in Kentucky

Thursday, 09 Feb 2012

Liberty Coal Energy announced that on February 1st 2012, the Company entered into a letter of intent for the acquisition of private mineral leasehold rights to a certain coal mining property in Owsley County, Kentucky with AMS Development LLC and Colt Resources, Inc.

In consideration for the Letter of intent, Liberty will pay USD 20,000 within 5 days of the date of the Agreement, which will give Liberty 45 days to complete its due diligence, which is well underway. If the Company elects to proceed to development at the end of the due diligence period, it will pay an additional USD 60,000 to purchase the rights to the existing mining permit.

The Owsley property comprises approx 1000 acres of fee surface and coal rights, and has a mine plan in place and a phase 1 permit technically approved by the Kentucky Department of Natural Resources. The permit may be activated by posting the required reclamation bonds and liability insurance.

The surface mineable recoverable coal resource on the project is in excess of 2.6 million short tons. The coal mineable by augur methods is in excess of 950,000 short tons. An additional 2.2 million short tons are recoverable by deep mining, however underground coal is not part of the existing permit.

As part of the Agreement, the Company has agreed to enter into lease and royalty agreements with AMS Development LLC and Colt Resources, Inc., pursuant to which AMS and Colt would receive a royalty of USD 5.00 per tonne. Performance and minimum royalty provisions will apply.

Mr Ed Morrow president of Liberty said that "We are pleased to have access to this advanced project. We believe the project can be in production in approximately 90 days after ground breaking. We project initiation of development in Spring 2012."

North American Stainless to make USD 30 million investment in Ghent facility

Monday, 31 Jan 2011

Governor Steve Beshear joined community leaders and executives of North American Stainless to announce the company’s plans to invest USD 10 million for increased peeled bar production plus USD 20 million for additional equipment upgrades in its Ghent facility.
The expansion, which is the company’s ninth since it began operations in Kentucky in 1990, will also add 10 new jobs at the plant.

Construction will begin this spring, adding 35,000 square feet to North American Stainless’ Long Products facility. The project is expected to be completed by the second quarter of 2012. Peeled bar stainless steel is used in a variety of products, including many used in the aviation, automotive, chemical, plumbing, general manufacturing and food services industries.

Governor Beshear said “North American Stainless and its parent company, Acerinox, have made substantial investments in Kentucky over the past two decades. This new USD 30 million investments further enhances North American Stainless’ footprint in Kentucky and is a testament to the caliber of international enterprises that call Kentucky home. It also demonstrates the company’s continued confidence in our workforce and business climate. We appreciate that confidence and look forward to working together to ensure success for decades to come.”

Mr Cristobal Fuentes president and CEO of North American Stainless said “We are very pleased that our parent company, Acerinox SA, has authorized this investment and again demonstrated its confidence in our employees, Kentucky and Carroll County.”