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Signs Memorandum of Understanding on Sale of Crossville Coal Inc.
Mar 31, 2009 02:54PM
March 30, 2009
Hillsborough Resources Limited Signs Memorandum of Understanding on Sale of Crossville Coal Inc.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 30, 2009) - Hillsborough Resources Limited (TSX:HLB) (the "Corporation") has signed a Memorandum of Understanding with a Tennessee contracting company with respect to the sale of Crossville Coal Inc. The sale is subject to securing a contract for fly ash disposal on the Crossville mine site, a process that is currently underway. Should the sale complete, the Purchaser would assume all past and future reclamation liability for the mine site, such that bonding totaling USD $3.15 million would eventually be returned to the Corporation. It is contemplated that the sale could conclude in 3 to 6 months.
About the Corporation
Hillsborough Resources Limited is a coal mining company that:
- Operates the 500,000 tpy Quinsam underground thermal mine near Campbell River, British Columbia, serving the local and west-coast U.S. cement industry with increasing sales into the export market.
- Is a limited partner in the Peace River Coal Limited Partnership (with 14.1%), which has substantial metallurgical coal properties both in production (Trend Mine) and under development near Tumbler Ridge, British Columbia.
- Owns the Crossville Mine in Tennessee, which remains in reclamation at this time.
- Holds the Wapiti thermal coal property north of Tumbler Ridge, and is planning development of a mine.
- Holds the Bingay Creek metallurgical coal property located in the Elk Valley region of southeast British Columbia.