Posted in | News | Coal | Mining Business

Thelon Capital to Purchase Jellico Coal Project

Oct 30 2010

Thelon Capital Ltd. (TSX VENTURE:THC)(FRANKFURT:TFHC) has announced that the TSX Ventures has accepted for filing the Letter of Agreement to lease or purchase the Jellico Coal Project announced May 18, 2010.

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The Jellico Coal Project consists of 6000 acres of fee simple land in the Cambell and Claiborne counties in the State of Tennessee. According to a report authored by A. R. Leamon in July 2009 the Jellico Project consists of a minimum 13 million Tons of high quality Thermal and Metallurgical coal. This is a historic report and is not 43-101 compliant and therefore cannot be relied upon. The company intends to do a work program immediately to confirm and expand the historic reserve and have a NI 43-101 report completed.

Thelon and its Directors would like to welcome Geoff Watson to the Board of Directors. Mr. Watson brings over 30 years of experience in the financial industry.

The Company would also like to report it has set 1.1 million employee stock options at a price of .25 for a period of 2 years.

Source: Thelon Capital Ltd.

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