October 2, 2008
Massey Energy Acquires Metallurgical Coal Mine
RICHMOND, Va., Oct. 2 /PRNewswire-FirstCall/ -- Massey Energy Company announced today that it has completed the acquisition of the Mountaineer #2 Mine in Greenbrier County, WV, including related mining permits, mine infrastructure and 200,000 tons of mid-vol metallurgical coal reserves. The mine can be restarted quickly and will allow Massey to bring on additional production almost immediately.
(Logo: http://www.newscom.com/cgi-bin/prnh/20071031/MASSEYENERGYLOGO )In addition to the acquired reserves, this transaction gives Massey direct access to mine 2.0 million tons of mid-vol metallurgical coal reserves that the Company controls on property adjacent to the Mountaineer #2 Mine, using the same mine infrastructure.
"We are excited about this acquisition and the immediate opportunities it provides," said Don Blankenship, Massey's CEO and President. "We can add significant metallurgical coal production almost immediately with relatively low start-up costs."
The mine will be operated as part of Massey's Green Valley resource group. Terms of the acquisition were not disclosed.
Massey Energy Company, headquartered in Richmond, Virginia, with operations in West Virginia, Kentucky and Virginia, is the fourth largest coal company in the United States based on produced coal revenue and is a part of the Standard & Poor's 500 Index.
Forward Looking Statements
Statements in this press release relating to future events and other disclosures and statements that are not historical facts are forward-looking statements (as defined under the Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. Caution must be exercised in relying on these forward-looking statements as actual results may differ materially from these forward-looking statements, which are based on our then current expectations as a result of market conditions, the actions by third parties, and many other factors. For a discussion of such risks and uncertainties related to Massey, which could cause actual results to differ from those contained in the forward-looking statements, see Massey's earnings releases and see "Risk Factors" in Massey's most recent Annual Report on Form 10-K and subsequently filed interim reports. Such filings are available at Massey's website http://www.masseyenergyco.com/ or upon request from Massey's Investor Relations Department at 866-814-6512. Massey disclaims any intention or obligation to update any forward-looking statements whether as a result of new information, future developments, or otherwise.
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Massey Energy Company
CONTACT: Roger Hendriksen, Director, Investor Relations of Massey EnergyCompany, +1-804-788-1824
Web site: http://www.masseyenergyco.com/