SAN FRANCISCO, Feb. 8, 2012 /PRNewswire/ -- Colombia Energy
Resources, Inc. (OTCBB: CERX.OB), (the "Company" or "CERX") is
pleased to announce the acquisition of the Herrera metallurgical
coal mining concession.
CERX, through its wholly-owned Colombian subsidiary, Colombia
Clean Power SAS ("CCP"), completed its most recent metallurgical
coal concession acquisition on February 3,
2012, purchasing the concession from Dairo Ruben Herrera Perez and Ariel Salcedo Leal. Carlos Soto, President of CCP stated, "The
acquisition of this concession adjacent to our Ruku Mining Complex,
which began production in December
2011 and is now producing approximately 1,800 tpm, will
result in more efficient access to Ruku's coal resources and
ultimately, lower operating costs and improved safety."
The purchased concession is approximately 17 hectares (42 acres)
in size and contains metallurgical coal resources similar in
quality to Ruku. The concession's permit, FI7-081, entered the
construction or preoperative phase on February 3, 2012. Compensation for the property
includes certain payments made at signing of the agreement and upon
governmental approval of the concession's transfer to CCP which is
expected by May 30, 2012.
In addition, the Company is also announcing that CCP entered
into an operations agreement with Americana de Minerales de
Exploracion S.A.S., the option holder of the "Boavita" concession
FFB-081. This agreement allows for the immediate start of mining
operations on the Boavita property once INGEOMINAS, the Colombian
state mining authority, approves the recently submitted mining
plan. This approval is expected by February
29, 2012. Management believes that implementation of
this agreement would likely result in increased coal production for
CCP in 2012.
About Colombia Energy Resources, Inc.
Colombia Energy Resources, Inc. (OTCBB: CERX.OB) is exploring
coal deposits and developing coal mines at Company controlled
mining concessions along with developing coal coking operations,
utilizing advanced technologies, in the Republic of Colombia. The Company currently controls
mining concessions underlying approximately 25,000 acres of land.
The Republic of Colombia is the
world's tenth largest producer and sixth largest exporter of coal.
It also has the largest reserve base in South America with an estimated 7 billion
metric tons ("MT") of recoverable reserves and 17 billion MT of
potential reserves.
The Company is currently focused on metallurgical coal
exploration and development activities. We plan to import
international mining best practices and proven, advanced and
environmentally-friendly coke processing technologies to
Colombia as we become a leading
consolidator in the Colombian metallurgical coal market. The
Company's team of executives, advisors and partners is comprised of
experienced entrepreneurs and business professionals in the U.S.
and Colombia with a breadth of
experience in coal mining and clean coal technologies as well as
substantial industry relationships.
For more information, visit www.ColombiaEnergyResources.com
This release contains forward-looking statements regarding
Colombia Energy Resources,
Inc. future plans and expected performance based on
assumptions the Company believes to be reasonable. A number
of risks and uncertainties could cause actual results to differ
materially from these statements, including, without limitation,
the success rate of business development efforts, exploration
efforts and the timeliness of development activities, fluctuations
in coal and energy prices, and other risk factors described from
time to time in the Company's reports filed with the SEC. In
addition, the Company operates in an industry sector where
securities values are highly volatile and may be influenced by
economic and other factors beyond the Company's control.
Colombia Energy Resources, Inc. undertakes no obligation to
publicly update these forward-looking statements, whether as a
result of new information, future events or otherwise.
Company Contact: Daniel
Carlson
Email:
dcarlson@colombiaenergyresources.com
Telephone +1 (415) 460-1165
www.colombiaenergyresources.com
SOURCE Colombia Energy Resources, Inc.