BARRANQUILLA, COLOMBIA--(Marketwired - Oct 26, 2016) - New Colombia Resources, Inc. (OTC PINK: NEWC) ("New Colombia or the 'Company"), a Colombian company listed in the U.S. with premium metallurgical coal properties and medical marijuana operations, met with the Agencia Nacional de Mineria (ANM), at their request, to advance the expedition of a Work Permit to begin rock mining operations. The Company already has an approved Work Plan for coal mining, however, they're awaiting approval of the rock mining permit to begin operation on both rocks and coal. Metallurgical coal is the hottest commodity this year with surging prices over 300% this year. http://www.mining.com/chart-no-stopping-insane-coal-price-rally/
The ANM is encouraging New Colombia Resources to develop their operations as quickly as possible to advance the mining sector in Colombia. The decline in royalties from oil production has prompted the government to help companies like New Colombia Resources develop their properties to generate jobs and royalties while supplying the world market with the hottest commodity of 2016. The Agency is focused on encouraging direct foreign investment to Colombia's mining sector, they are referring international coal buyers to New Colombia Resources.
"We appreciate the ANM's willingness to help us as we're committed to bringing our mining operations into production creating significant value to our shareholders," commented John Campo, President of New Colombia Resources. The spot price of coking coal has skyrocketed this year from $70/tonne to over $ 245/tonne. Original plans are for output of 30,000 tonne/month, at today's spot price that would generate monthly revenue of over US$ 7,000,000.
New Colombia Resources' subsidiary, Compañía Minera San Jose Ltda. has entered into a US$ 200 Million Letter of Intent with Asian partners to develop a coal power plant in Guaduas next to their coal properties. The ANM will facilitate a meeting with the Minister of Energy, President of the ANM, and other high government officials when the Asian partners come to Colombia in the coming weeks.
The generation plant will create a local market for the Company's thermal coal as they export premium metallurgical coal. At the meeting with the ANM was Miguel Centanaro, New Colombia's logistic coordinator, who is rehabilitating rail projects to haul premium coking coal direct from the mine to the export terminals on the Caribbean coast. Mr. Centanaro is in talks with the largest investment bankers in the U.S. to the finance the project, which was featured in an article in the Business Year, https://www.thebusinessyear.com/colombia-2016/long-wide-rails/interview
New Colombia Resources filed an 8K yesterday with the Securities and Exchange Commission (SEC) disclosing the elimination of a debt that was being converted into free trading shares before the recent rise in stock price. Although the Company still has some relatively small debt on the books that they intend to eliminate, they do not feel it will have any impact on share price with current trading patterns. The Company is finalizing their 10K report to be submitted to the SEC that will provide more detail. The Company has not taken on any more convertible debt than is shown in their last 10K filed in 2015, much of this debt has been eliminated.
New Colombia Resources understands the importance of the upcoming U.S. election in the medical marijuana industry. The Company's joint venture, Sannabis, is a leader in medical marijuana products in Colombia and plans to dominate in specific sectors in the U.S. Major developments in medical marijuana will be announced leading up to and beyond the elections.
To view or purchase Sannabis products visit www.sannabis.co. Follow Sannabis on Facebook for photos and testimonials at https://www.facebook.com/sannabis.cannamedicinal
New Colombia Resources, Inc.
New Colombia Resources, Inc. is focused on the acquisition and development of high-quality metallurgical coal properties and other available resources in the Republic of Colombia. They expect to have several revenue producing businesses including; metallurgical coal mining and rock quarry aggregates for domestic Colombian highway and railroad building projects. The Company owns 100% of La Tabaquera metallurgical coal mine in Colombia with an estimated 15- 17 million tonnes of reserves. They have another pending acquisition for 390 ha and a solicitation contract for 184 ha metallurgical coal concession. New Colombia Resources also holds a significant position in Sannabis SAS which legally produces medical marijuana products in the Republic of Colombia, visit www.sannabis.co. For more information on the Company visit www.newcolombiaresources.com.
Forward Looking Statements
Forward Looking Statements; This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements might not occur. Factors that could cause or contribute to such differences include financing, the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations. New Colombia Resources, Inc. does not undertake any duty nor does it intend to update the results of these forward-looking statements.