|By PR Newswire||
|September 11, 2013 08:05 AM EDT||
BARRANQUILLA, Colombia, September 11, 2013 /PRNewswire/ --
New Colombia Resources, Inc. (OTCQB: NEWC) ("New Colombia or the Company") submitted a tender request to Cabo Drilling and is waiting for a quote for their metallurgical coal mine project in Guaduas, Colombia. The Company visited the site with a representative of Cabo Drilling, a Canadian company with offices in Panama and Colombia. New Colombia expects to drill a minimum of 1200 meters that may be extended to 2000 meters. The recently completed drill program from SGS recommends 4 holes of 300 meters each - however, upon the site visit, the company would like to extend that program by 4 holes of 200 meters each for a total of 2000 meters.
On the September 7, 2013 visit, the Company discovered 3 additional outcrops in a ravine that had been covered by a landslide in 2012. These outcrops provide the Company a good direction of where to drill.
The Company is also getting quotes from other drillers in the area to choose the best estimate for the work that needs to be done. Upon completion of the drilling, SGS will take the core samples to their laboratory in Barranquilla, Colombia for analysis and a subsequent N.I. 43-101 Technical Report. The drill results will also allow the Company to complete their environmental impact study and an in-depth 3D Geological Model.
New Colombia Resources plans to apply for their drill permits this week at the C.A.R. (Autonomous Regional Corporation) in Guaduas, Cundinamarca. The Company expects this permit process to take less than 7-10 business days.
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About New Colombia Resources, Inc.
New Colombia Resources, Inc. is focused on the acquisition and development of high-quality metallurgical coal properties in the Republic of Colombia. They own 100% of La Tabaquera coal mine in Colombia with an estimated 15- 17 MM tonnes of reserves, 70% metallurgical and 30% thermal coal. Once the necessary financing is obtained, the Company plans to have three revenue producing business units in Colombia: coal mining, coking oven facilities, docks, river, and rail transportation to export terminals in Colombia. The Company is also exploring allegiances with U.S. and Colombian universities to study capturing Coal Bed Methane (CBM) in Colombia. For more information on the Company visit http://www.newcolombiaresources.com.
Transportation, Logistics and Other Information
New Colombia Resources intends to sell their coal at the mine's gate. At the right time, the Company plans to build or acquire river or rail loading facilities on the Magdalena River close to their mines. The coal will be trucked to these distribution centers, and then barged via the Magdalena River or by rail to terminals in Barranquilla, Santa Marta, or Cartagena for export. Initially they will use existing logistics providers while their transportation projects are being developed. After the rail projects and the "Road to the Sun" project are completed, New Colombia Resources will have one of a few metallurgical coal mines in the World with river, rail, and road access to coal export terminals on both the Atlantic and Pacific Oceans.
Forward Looking Statements
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. New Colombia Resources, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.
New Colombia Resources, Inc.
New Colombia Resources, Inc.
SOURCE New Colombia Resources, Inc.