SOURCE: Whitewater Mining Corporation

December 01, 2008 17:06 ET

Whitewater Mining Corporation Signs Letter of Intent for Coal Mining Concession in Colombia

HELOTES, TX--(Marketwire - December 1, 2008) - Whitewater Mining Corporation (PINKSHEETS: WWTML), a junior exploration company who is acquiring and developing mining concessions in Latin America, has just signed a Letter of Intent for a 10,000 hectare thermic coal mining concession in Valledupar, Cesar in Colombia. The concession in an area with large bituminous coal reserves of excellent quality. Its preliminary evaluation has also shown mining potential in gold, copper, baritine, and ornamental rocks.

Whitewater believes that a focus on coal is a strong strategic move for the company. Coal reserves are expected to last for another 200 plus years at the present rate of consumption and recent developments in clean coal technology makes it an attractive long term source of energy. Colombia is by far the leading producer of coal in Latin America with 71% of production and is an ideal target for Whitewater as they have strong political and local connections in the country.

Whitewater is also negotiating and evaluating an additional three operating coal concessions in Santender, Colombia. The concessions have 14,000 hectares, are operated by Sismo Ingenieria Ltda, and are in close proximity to the operating and exploration mines of Rio Tinto Mining, Coal Corp, Rio Doce, Glencore, and Drummond.

About Whitewater Mining Corporation

Whitewater Resources Inc. is a junior exploration company committed to creating shareholder value by achieving prosperity through vigorous acquisition, exploration programs, and cost-efficient production. Our unique position of strength is attributed to our deep history in Argentina and Peru and most recently in Colombia, as well as our association with several government ministries. We have access to premium land locations with the opportunity to explore and stake these properties.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

Contact Information

  • Contact:
    William Dillon
    Whitewater Mining Corporation