RSM: Status of Wolfe County, Kentucky Coal Property
25 11월 2008 - 11:00PM
Marketwired
ROYAL STANDARD MINERALS INC., "RSM" (TSX VENTURE: RSM)(OTCBB:
RYSMF) has advanced the surface mine coal project in Wolfe County,
Kentucky. The permitting and bonding for the initial phases of the
strip mine are in place for the Campton coal project. The Company
purchased the permit holder Pick & Shovel, the permit transfer
will be made in the near future to Kentucky Standard Energy Company
Inc. ("KSEC") the current (100%) owner of the permit as indicated
in the purchase agreement. The current bond for the first increment
is in the name of KSEC and Pick & Shovel. The next bond
increment will be in the name of KSEC. The MSHA mine ID is in the
name of KSEC, the severance tax number is in the name of KSEC. All
of the necessary surface equipment to commence mining is in place
and the strip mining operation began in October 2008, according to
Qualified Person, Roland M. Larsen, the writer and reviewer of this
press release.
As a result of positive field inspections in October and early
November, 2008 by technically competent representatives in regard
to the development of the Wolfe County property by coal buyers to
include Arch Coal Terminal Inc., Koch Carbon, LLC and Thoroughbred
Coal Company, all of which indicated interest in purchasing coal
production from the project initially on a "spot" market basis
going to longer term contracts in the near future. The Company
currently has a monthly "spot" market contract with Thoroughbred
Coal Company of Lexington, Kentucky.
Subsequent to an announcement, a June 12th, 2008 press release,
of a proposed Joint Venture program between Royal Standard Minerals
Inc. and Sharpe Resources Corp. to jointly explore and develop coal
projects in Eastern Kentucky, the Boards of Directors of Royal
Standard Minerals Inc. and Sharpe Resources Corporation have
completed a 50-50 Joint Venture agreement to jointly pursue the
exploration and development of coal projects in Eastern Kentucky.
The agreement was approved and executed on November 21, 2008 and is
subject to regulatory approvals.
RSM is an exploration and development company with interests in
coal and precious metals in the United States.
The information presented in this press release is subject to
the various regulatory approvals. The economic viability of this
project is uncertain and is contingent upon coal pricing and mining
conditions that could affect the project economics.
The TSX Venture Exchange does not accept responsibility for
adequacy or accuracy of this release as per Exchange Policy 3.3
section 6.5.
Royal Standard Minerals cautions that the statements made in
this press release and other forward looking statements made on
behalf of the Company may be affected by such other factors
including, but not limited to, volatility of mineral prices,
product demand, market competition, imprecision of mineral
estimates, and other risks detailed herein and from time to time in
the Securities and Exchange Commission filings of the Company.
C.U.S.I.P. # 780919106
LISTED: STANDARD & POORS
Contacts: Royal Standard Minerals Inc. Roland Larsen
804-580-8107 804-580-4132 (FAX) www.Royalstandardminerals.com
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