Quest Minerals & Mining Announces Letter of Intent With Powell Branch Energy
Quest Minerals & Mining Corp. (OTCBB: QMNM;
Frankfurt: QMNB.F ), a Kentucky based operator of energy and mineral related properties, today announced its intent on a joint venture with Powell Branch Energy coal properties in southern Kentucky.
The initial project would encompass 1,400,000 tons of coal reserves from the Elkhorn # 3 coal seam structured through a lease agreement to mine property held by Powell Branch Energy.
Quest CEO Eugene Chiaramonte, Jr. said, “This relationship continues our expansion and diversification program previously announced to help increase shareholder value and diversify our current properties. The Elkhorn # 3 seam has proven to be one of the most accessible coal seams in Eastern Kentucky with seam heights ranging between 55 to 60 inches. The additional reserves from this project can be reopened and ready to mine without any rehab. As soon as the permits could be transferred, production would take place in early 2008 with a potential result of 30,000 tons per month.”
The company is currently raising capital to adequately pursue this opportunity, and any such expansion by the company will depend on the company’s ability to attract new investment capital to support the potential growth into these sectors.
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.