Texas-based MMEX Mining Corp. (OTCBB: MMEX) announced March 8 that the prior day it successfully completed the acquisition of a 50% interest in its first metallurgical coal mine project in Colombia, called the Hunza mine, through the execution of an exclusive option agreement.
The Hunza mine is in the Boyaca Province of east-central Colombia, about 200 kilometers northeast of Bogota. The property is accessible by road and consists of three coal titles, comprising a tenure parcel of 567.8 hectares. Active underground mining is currently conducted on one of the titles.
Consultant Norwest Corp. has evaluated the potential coal tonnage of the three mining titles and concluded in a technical report issued in April 2011 that the concessions have a reasonable in-place coal tonnage of high quality, mid-vol met coal. The concessions are permitted to produce up to 1.6 million tons annually.
Jack Hanks, President and CEO of MMEX, said: "The acquisition of our 50% interest in the Hunza mine represents a major achievement for MMEX and adds significant value to the company. We are very pleased to share this achievement with all our investors. We are very optimistic about the potential of the property and look forward to start developing it and report our progress in the coming weeks."
MMEX is an exploration stage company engaged in the acquisition and development of coal and other mining assets in South America.