Cdn Mining looking to acquire Powder River coal leases
2010-06-16 09:45 PT - News Release
Shares issued 52,616,259
Mr. Ray Paquette reports
CANADIAN MINING PLANS FOR EXPANSION AND DIVERSIFICATION
Canadian Mining Company Inc. has commenced negotiations to enter into a formal letter of intent with a private British Columbia company to acquire certain coal lease(s) in Wyoming's Powder River basin area. Based on historical data, the coal lease(s) contain a resource that is in excess of 50 million tons of subbituminous clean-burning coal with a heat value of 8,300 to 10,990 British Thermal Units per pound. The company is currently conducting its due diligence and has 30 days to conclude and agree to terms.
The Powder River basin is a region in southeast Montana and northeast Wyoming, about 120 miles (190 kilometres) east to west and 200 miles (320 kilometres) north to south, known for its coal deposits. The region is the single largest source of coal mined in the United States and contains one of the largest deposits of coal in the world. The United States uses about one billion tons of coal a year with about 40 per cent of the coal currently coming from the Powder River basin. Because of the Powder River basin, Wyoming has been the top coal-producing state in the United States since 1988. In 2007, the Powder River basin alone produced 436 million short tons (396 million tonnes) of coal, more than twice the production of second-place West Virginia and more than the entire Appalachian region.
Moving forward, Canadian Mining will continue to expand and diversify its resource base, thereby increasing its asset value for its shareholders and the ability to attract joint-venture partners to further grow the company.
