"coal property surface assets"new here, as I understand from the nr, they just acquired the "surface assets"
from the nr:
Sudbury, Ontario, May 8, 2008. Cline Mining Corporation (“Cline” or the “Company”) (TSX: CMK)
announces that it has acquired the existing coal property surface assets (the “New Elk Surface Assets”),
including the coal preparation plant, silos, buildings, railway right of way, surface real estate, mining
equipment, conveyor systems, electrics and coal waste dump all related to the New Elk Coal Company LLC
(“New Elk”) coal properties (the “New Elk Coal Properties”)
Which is good, but what's happening with the actual coal.. kind of confused there, its great to have all the equipment but what about the stuff thats in the mine.
from the nr:
The New Elk Coal Properties include New Elk’s substantial metallurgical and thermal coal resources of
315,000,000 total tons of National Instrument 43-101 (“NI 43-101”) compliant in-place coal, detailed below,
located within 18,355 contiguous acres. Additional assets to be acquired include a comprehensive earlier data
base prepared by CF&I Steel Company (see History of New Elk Mine below) and a current coal mining
permit. The purchase price for the New Elk Coal Properties is U.S.$13.8 million, the assumption of the
existing U.S.$2.8 million reclamation bond and a U.S.$1.00 per ton royalty on coal sales with a Cline buy-out
right of $15 million. The acquisition of the New Elk Coal Properties, data base and mine permit together
with the New Elk Surface Assets will enable Cline to bring the mine to production with minimal startup time.
The Company is currently arranging the financing to complete this second stage of the acquisition.
ok, so the mine and its coal is to be acquired ? don't know, confused here.