My understanding is that MY UNDERSTANDING IS THAT NOW THAT THE BOND HAS BEEN POSTED, NAG CAN IMMEDIATELY BEGIN COAL PRODUCTION FROM THE PROPERTY UNDER THE NAME OF THE ORIGINALLY PERMITTED PROPERTY-JAMIESON-. ONCE THE PERMIT DEPARTMENT CHANGES THE PERMIT TO READ NAG#2 THEN THE REVENUE FLOW AND ALL PRODUCTION WILL DIRECTLY FLOW TO NAG.
THE IMPORTANT THING IS THAT COAL PRODUCTION WILL START ALMOST IMMEDIATELY AND ALL REVENUE FLOWS TO NAG'S BENEFIT!! ISN'T BUREAUCRACY WONDERFUL??I MAY BE WRONG BASED ON THE WORDING OF THIS PR. BUT SINCE THE MINING HAD BEEN IN PRODUCTION UNDER THE JAMIESON PERMIT SEEMS PLAUSIBLE TO ME.
N.A. Gem files for Knox county mine permit transfer
North American Gem Inc (C:NAG)
Shares Issued 154,709,259
Last Close6/3/2010
.135
Friday June 04 2010 - News Release
Mr. Charles Desjardins reports
NORTH AMERICAN GEM INC. POSTS BOND AND FILES FOR PERMITTRANSFER ON NORTH AMERICAN GEM #2 MINE IN KENTUCKY
North American Gem Inc., through its subsidiary, NorthAmerican Gem US Inc., has posted the required reclamation bond and submitted thepermit transfer application to the Kentucky Department of Natural Resources forthe transfer of mine permit No. 861-0443 in the name of Jamieson ConstructionInc. to North American Gem US Inc. A new permit number will be assigned and themine will be known as North American Gem #2 Mine. The permit transfer processtypically takes approximately 30 days to complete.
Kentucky Mine Partners LLC (KMP) has mobilized the miningequipment to the newly acquired North American Gem #2 Mine, in Knox County,Kentucky. Upon completion of the permit transfer to North American Gem US, Inc.,mining can commence immediately. Initial production is planned for a productionrate of 8,000 - 10,000 tons per month with the capability of doubling thatproduction. The North American Gem #2 Mine will be a surface mining and augeringoperation.
The signing of a definitive agreement to acquire the fullyoperational surface coal mine (North American Gem #2 Mine) with both minableBlue Gem and Jellico coal seams was announced March 31st 2010. Drilling at therecently acquired mine site has been completed and NAG was pleased with thequality of the coal at the mine site.
North American Gem #2 Mine will produce from both the Blue Gemcoal seam and the Jellico coal seam once the permit is officially transferredfrom the current operator. The coal produced at the North American Gem #2 Minelocation will be treated at the North American Tipple Facility.
All of NAG's potential mining operations will incorporatesediment control methods that will keep ahead of the increased regulations andrestrictions. Furthermore, in anticipation of increased regulations, NAG has, inall of its permitting applications, begun the sampling of receiving streams andgroundwater wells utilizing the most stringent and extensive samplingparameters. This will allow NAG to comply with the regulatory requirements andwill also result in a much shorter and smoother permitting application process.
The North American Tipple Facility will serve as the centraloperation and distribution point for coal produced by NAG's mining operations.The facility has equipment in place that is capable of crushing, screening, andwashing coal. This gives North American Gem Inc. the added dimension to servicea variety of customers by preparing coal to meet their specific requirements.North American Gem Inc. will also have the ability to purchase outside coal toproduce custom blended products which will increase market potential.Specifically, plans are to service the industrial stoker markets, silicon metalproducers, and electricity generators.
Mr. Dean Schafer is acting as operations manager of all theCompany's Kentucky coal leases and is currently implementing an overall mineplan.
Ms. Deborah Moses, PEng, PLS, REM, of Engineering ConsultingServices Inc. (ECSI) is the qualified person for the Company's coal operationsin Kentucky.