West VirginiaMy hunch is they have a high level of confidence that this project is going to be successful.
In which case they may not even have to go to the production phase. There has been quite a bit of consolidation in W.V. lately (google: Consol Energy, for example) and large miners are always looking for properties with high potential.
If NAG hits substantial seams, even 37 acres can hold quite a chunk of coal.
By the way: 37 acres is roughly 150,000 square meters or 1,612,000 square feet. By comparison, the size of the West Edmonton Mall is 1,140,560 sq. ft.
I believe NAG's West Virginia properties are altogether 20,000 acres.