America West Resources Secures Rights to 50 Million Tons of Metallurgical Grade Coal Reserves in Utah
08 July 2008 - 11:30PM
PR Newswire (US)
Signs Coal Mining Lease and Option to Purchase Columbia Coal
Property SALT LAKE CITY, July 8 /PRNewswire-FirstCall/ -- America
West Resources, Inc. (OTC:AWSR) (BULLETIN BOARD: AWSR) , a domestic
coal producer with mining operations in Central Utah, today
announced that the Company has entered a Coal Mining Lease and
Option to Purchase Agreement with C&P Coal Resources, LLC for
an undeveloped leasehold known as the "Columbia" property covering
approximately 5,200 acres in Carbon County, Utah - near where
America West is currently mining thermal coal from its Horizon
Mine. Based on geological studies, tonnage analysis reports and
core hole drillings, the Columbia property is estimated to have
approximately 50 million tons of raw, recoverable, metallurgical
grade coal reserves in place. Metallurgical (or coking) coal is
primarily used in steelmaking and is currently commanding contract
prices in excess of $300 per ton, due largely to strong industrial
growth in the world markets. "Securing this sizable, high grade
resource base materially strengthens our existing coal reserves and
provides America West with a very promising growth platform that we
intend to fully optimize. Moreover, it helps to distinguish our
Company as a serious, emerging player in what we see are expanding
coal markets," stated Alexander Walker III, President and CEO of
America West Resources. Assuming the Company proves successful in
securing necessary financing for the project, its three year mine
development plan provides for underground mining operations to
commence on Columbia as early as 2011. About America West
Resources, Inc. Headquartered in Salt Lake City, Utah, America West
Resources, Inc. is an established domestic coal producer focused on
the mining of clean and compliant (low-sulfur) coal and its sale
primarily to U.S. utility companies for use in generating
electricity. Since 2003, the Company has extracted over 1.4 million
tons of coal from its owned and operated Horizon Coal Mine based in
Central Utah. For more information, please visit
http://www.americacoal.com/ . Forward-Looking Statements This news
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Please
refer to the Company's Form 10-KSB and other filings with the
United States Securities and Exchange Commission (the "SEC") for
additional information regarding risks and uncertainties,
including, but not limited to, the risk factors listed from time to
time in such SEC reports. Copies of these filings are available
through the SEC's electronic data gathering analysis and retrieval
system (EDGAR) at http://www.sec.gov/ . FOR ADDITIONAL INFORMATION,
PLEASE CONTACT: ELITE FINANCIAL COMMUNICATIONS GROUP Dodi B. Handy,
President & CEO For Media Inquiries: Tiffany Korkis, Director
of Elite Media Group 407-585-1080 or via email at DATASOURCE:
America West Resources, Inc. CONTACT: Dodi B. Handy, President
& CEO of ELITE FINANCIAL COMMUNICATIONS GROUP, or for Media:
Tiffany Korkis, Director of Elite Media Group, +1-407-585-1080, or
Web site: http://www.americacoal.com/
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