newsNovadx begins mining operations at Rosa coal mine
2010-04-19 17:02 ET- News Release
Mr. Neil MacDonald reports
MCOAL CORPORATION COMMENCES PRODUCTIONAT ROSA METALLURGICAL COAL MINE, ALABAMA
Novadx Ventures Corp, President & CEO, Neil MacDonald, reports:
Novadx Ventures Corp wholly-owned subsidiary, MCoal Corp.,("MCoal") has commenced coal mining operations at the Rosa Coal Mine,located in Blount County, Alabama
MCoal has commenced mining utilizing a contract triple head augermachine. Initial production has commenced on a single 10 hour shift perday 5 days per week. MCoal plans to implement a second 10 hour shiftper day in the near future once it is satisfied with the performance ofthe auger machine. Utilizing the auger mining method at the Rosa minesite allows MCoal to extract the coal with minimal surface disturbance,limited environmental impact and maximum cost-effectiveness. Uponimplementation of the second shift per day, MCoal expects a single augermachine to produce over 160,000 gross tons per year at the mine sitewhich after washing will yield approximately 135,000 cleaned saleabletons per year.Once mined, MCoal's metallurgical coal is being washed under contract ata nearby coal washing facility and initial production will be sold at aprice of $150 per ton to a coking coal facility located approximately43 miles from the Rosa Coal Mine in Birmingham, AL. This price ishigher than the base price of $139/ton used in MCoal's Phase 1 Rosa Mineeconomic analysis contained in a NI 43-101 report dated March 18, 2010.
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