First Colombia Gold Corp. announced today that they have started the process of leasing equipment and plan to start the reclamation work on their new coal lease in the next thirty to forty-five days.
The Company also provided an update regarding the operating plan and the process to begin operations, which includes an initial phase of reclamation work.
The coal lease, which is located at 12964 S. Hwy 421 Manchester, Kentucky 40964, will be primarily a surface coal mine operation focusing on the 102 acres already permitted. The site and operating plan will focus initially on the Haddix Seam which ranges in thickness from 48 inches to 55 inches and will be mined using the area mining method. This seam has an existing permit in place which includes 813,450 tons of coal.
Jason Castenir, CEO of First Colombia Gold Corp. stated, “We plan to announce the new leadership that will be overseeing this entire operation within the next week. We are very confident this team will be very effective in getting this mine up and running. The initial phase is expected to begin in the next 30-45 days and will involve the reclamation work necessary to being full scale operation. We have already begun the process of securing the equipment necessary to start this work.”
The company also stated that they plan to announce projections and revenue goals within the next week. Castenir continued, “This is an exciting time as we turn the corner and really focus on sustainable long term coal operations both with this lease. We also look forward to acquiring additional leases as those opportunities present themselves.”