Quest Minerals & Mining Plans Initial Rehab On Cedar Grove Mine
PATERSON, N.J., July 14, 2008 (PRIME NEWSWIRE) -- Quest Minerals & Mining Corp. (OTCBB:QMNM) (Frankfurt:QMNB), a Kentucky based operator of energy and mineral related properties, is very pleased to announce that its contract mining group, Whitestar Mining, LLC., is in the process of taking the initial steps necessary to open the Cedar Grove mines. Representatives from both Quest and Whitestar plan to convene over the weekend to finalize all terms of the mining agreement.
Whitestar CEO Dan Hampton has agreed to begin the initial phases of licensing including the preparation of relevant state and federal paperwork. "The Cedar Grove mine is in far better shape than our Pond Creek location prior to its rehabilitation. While it took five months to rehabilitate Pond Creek, we anticipate bringing Cedar Grove online in a far timelier manner. With production now running smoothly at Pond Creek, we are able to shift our focus towards bringing Cedar Grove into production mode. In addition, the mining conditions at the new site are ideal. The seam is 50 inches in height and very little rehab work is expected to be required prior to begin mining. I know that Cedar Grove will be a great mine," said Whitestar CEO Dan Hampton.
Eugene J.Chiaramonte Jr. President of Quest Minerals and Mining Corp. stated, "I am extremely pleased with Whitestar's ability to produce coal at our Pond Creek location and have absolute confidence in their ability to bring our Cedar Grove property online in the near future. Initial reports reveal that the Cedar Grove mines house a higher quality, higher value Met coal than what is currently being prospected at Pond Creek. In response to this finding, I am very excited about the opportunity to bring this mine into full production and enter into a new and lucrative segment of the coal market by doing so."
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.
CONTACT: Outcast Communications
Investor Relations:
Keith Reinhardt
858-509-9900, ext. 13
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Alles wie immer IMHO! Das ist nur "meine" Meinung und dient nicht als Kauf- oder Verkaufsempfehlung. Jeder handelt auf eigenes Risiko.
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