Read this latest news release verycarefully. It is extremely positive. My first attention was drawn to
NAG has now commenced drilling on the Swan Pond lease (formerlyreferred to as North American Gem No. 2 mine) and once complete willimmediately mobilize the drillers to the recently acquired Granny Roselease (see Stockwatch news on Feb. 2, 2010). The Granny Rose leasecontains the highly profitable Blue Gem coal throughout the entire leasewith an average seem thickness of two feet. It has been estimated thatapproximately 250 acres of the planned permit will be mined usingsurface mining techniques with an additional approximate 100 acres thatis to be mined by high wall and/or auger mining methods.
Thepermitting process being managed by Deborah Moses of EngineeringConsulting Services Inc. and William Grable is proceeding well. One ofthe previously announced mining permits is currently in the final stageof the process and is expected to be approved in the near future.Currently all future mining permits have been designated to be high wallmining operations and it is expected that production will be at least25,000 tons per property per month.
Reports from people who are familiar with the Granny Rose property say this has the potential for extremely high revenue figures as the Blue GEM coal is the most valuable per ton coal for its silicon application and Granny Rose could be the most prolifigue source in Kentucky.
As well NAG is suggesting that each of their potential permitted mines after Mine #1 will be capable of producing a minimum of 25,000 tons per month. As of now they have therefore 5 mines awaiting permits= 125,000 tons a month!!
I suspect there are other properties to come as well as we have the team in place to achieve their goals.