Titan Holding Group, Inc. Announces New Business Description, Property Acquisitions and Company Re-Launch as Powder River Coal Corp.
CASPER, WY, March 19, 2012 /PRNewswire/ — Titan Holding Group, Inc. (Titan) is pleased to announce its business description change to that of Mining Company & Exploration Company. At the open of business on November 25, 2011, FINRA announced Titan’s new name of Powder River Coal Corp. (“Powder River Coal” and/or “the Company”). As of January 10, 2012, the Company began trading on the OTCQB under the ticker symbol POWD. The Company’s CUSIP also changed as of that time to 73886P100.
The Company also approved a Forward Split of the Company’s common stock on a 14-1 basis, which occurred on November 25, 2011.
The newly named Powder River Coal now operates as a coal exploration and development company. Toward that end, the Company entered into a Property Purchase Agreement (the “Agreement”) on July 27, 2011, in which the Company agreed to purchase a 100% interest in the 640-acre Miller #1 and 1,280-acre Miller #2 coal properties, located in Campbell County, Wyoming, within the Gillette Coalfield and the prolific Powder River Basin.
The Powder River Basin (PRB) is the single largest coal source mined in America. The PRB represented production of over 450 million tons (Mt) of coal in 2009; the top 11 coal mines in the U.S. by production; and 17 of the nation’s top 20 coal mines by production. The majority of these mines are within 50 miles of the Miller #1 and Miller #2 properties, with the nearest being about 6 miles to the east: the Cordero Rojo Mine, which is 48% owned by Rio Tinto. Cordero Rojo mined and shipped over 39.3 Mt of coal in 2009, making it the third highest producing U.S. coal mine that year.
A review of both the Miller properties’ exploration potential by Dahrouge Geological Consulting (Sept. 2010) determined that significant thicknesses of coal are present at the properties within the Felix coal seam and the Wyodak-Anderson coal seam, which is targeted by all current PRB coal production (or the equivalent). Based on all available data, the Dahrouge review identified 9 exploration targets for the properties across the two seams mentioned above, representing a total estimate of 381.4 million tons (Mt) of subbituminous coal (estimated by multiplying volumes by 80 pounds per cubic foot). Potential production from the properties could be transported domestically via the BNSF rail line, which lies roughly 12 miles to the east, servicing the massive coal mines south and southeast of the nearby city of Gillette. The rail line also connects with the nearby West Coast, opening the door for coal exports to growing Asian markets.
[See further below for additional details on the properties]
To further support operating as a coal exploration and development company, the Company has appointed Andy Grant as President, CEO, Director, Treasurer and Secretary of the Company effective immediately. In turn, Brian Kistler has resigned from his positions as Titan’s Company President, CEO, Director, Treasurer and Secretary effective immediately. The Company wishes to formally thank Mr. Kistler for the time and service he gave the Company.
“I’m excited to have the privilege of leading Powder River Coal into a new phase of company growth and development,” said Andy Grant, the Company’s newly appointed President & CEO. “I have a very positive outlook on the opportunities and challenges that lay ahead as we forge a fresh direction based on achievable and profitable goals. In particular, we’re very fortunate to have the Miller Properties as our initial portfolio acquisitions. With these properties, we’re in the ideal region in terms of proven coal resources and infrastructure while being surrounded by the coal industry’s dream team of players. Now we can proceed with building on the historic exploration and development on the properties.”
An independent technical report by Dahrouge Geological Consulting (Aug. 25, 2010) exclusively on the Miller #1 coal property outlined only some of the significant historic exploration and development of coal, coal bed methane and other commodities that has occurred within a short distance of the Miller #1 property. The report also outlined the historic exploration and development on the Miller #1 property itself, which has included the completion of 21 oil and gas and coal bed methane wells. Based on geophysical logs for 16 drill holes completed at the property, Miller and Associates, LLC (2008) estimated the thickness of the Wyodak-Anderson Coal Bed at 69 to 92 feet, at depths generally exceeding 725 feet. In turn, the Dahrouge technical report concluded the Miller #1 property represents potential to host significant amounts of coal, similar to other coal occurrences throughout the Powder River Basin of the Midwest U.S.. Meanwhile, historic exploration of the properties and geophysical logs also confirm the presence of up to seven coal seams within 1,250 feet of surface for both the Miller #1 and Miller #2 coal properties.
The Sept. 2010 Dahrouge review concluded that an exploration program is warranted and recommended to test the regional significance of the Felix and Wyodak-Anderson coal seams while advancing the properties towards a 43-101 compliant coal resource. Potential production from the properties could be transported domestically via the BNSF rail line, which lies roughly 12 miles to the east, servicing the massive coal mines south and southeast of the nearby city of Gillette. The rail line also connects with the nearby West Coast, opening the door for coal exports to growing Asian markets.
FOR MORE INFORMATION
More information about the Company and its latest news can be found at Powder River Coal’s website at http://www.prcoal.com.
ABOUT POWDER RIVER COAL CORP.
Powder River Coal Corp. is a Wyoming based coal exploration and development company that publicly trades on the OTCQB under the ticker symbol POWD. The Company is committed to bringing America’s demonstrated coal reserves – the largest in the world, and which already produce over 45% of the nation’s electricity – to a growing global market. Powder River Coal’s current property portfolio of 1,900+ acres is located in the heart of American coal: the Powder River Basin, the most prolific coalfield in the United States, producing over 40% of the nation’s coal, and home to the top 11 coal mines by production in America. Surrounding the Company’s holdings near the city of Gillette, Wyoming, are 13 mines that produced over 415 million tons (Mt) of coal in 2009 alone*. The Company has a 100% interest in its Wyoming based property, which is estimated to represent 381 million tons (Mt) of subbituminous coal**. With the support of established coal industry services, nearby railway transportation, and a seasoned management team, Powder River Coal remains focused on exploring and developing America’s proven energy resources. To learn more about the Company and its activities, visit Powder River Coal’s website at http://www.prcoal.com.
* U.S. Energy Information Administration website, Nov. 15, 2010
** As of Nov. 4, 2011, the average weekly commodity spot price for Powder River Basin coal was $14.15/short ton (price sourced at U.S. Energy Information Administration)
Coal is the world’s most abundant fossil fuel, with current global resource estimates of 847 billion proven tons representing around 119 years of supply. In contrast, proven oil and natural gas reserves are equivalent to around 46 and 63 years of supply respectively at current production levels, underscoring coal as being the more sustainable and dependable energy source. Worldwide coal consumption, meanwhile, has grown faster than any other fuel since 2000*. In the US, coal’s popularity as a fuel is due to several reasons: its abundance, reliability, affordability, inherent security in terms of storage, ease of transport, and reduction of national dependence on foreign oil. America’s electricity power industry consumes over 90% of all domestic coal mined while using coal to produce over 45% of the nation’s electricity. A driving factor behind this reliance on coal is that, for over 30 years, coal has been the least expensive fossil fuel option for electricity generation (when measured by cost per Btu, which is a unit of energy content)**.
* World Coal Association website
** U.S. Energy Information Administration website
ON BEHALF OF THE BOARD OF DIRECTORS,
Powder River Coal Corp.
Andy Grant, President & CEO
Certain statements in this press release are forward-looking and involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Powder River Coal Corp. bases these forward-looking statements on current expectations and projections about future events, based on information currently available. The forward-looking statements contained in this press release may also include statements relating to Powder River Coal Corp.’s anticipated financial performance, business prospects, new developments, strategies and similar matters. Powder River Coal Corp. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.
123 W 1st Street, Suite 675
Casper, WY 82601
1. Dahrouge Geological Consulting Ltd. exploration potential review, Sept. 7, 2010.
2. U.S. Energy Information Administration website, Nov. 16, 2010.
3. Cloud Peak Energy website, Nov. 16, 2010.
4. Dahrouge Geological Consulting Ltd. Technical Report on Miller #1 coal property, Aug. 25, 2010.
SOURCE Powder River Coal Corp.