Sharpe Resources Corporation
OTC Bulletin Board : SHGPF

Sharpe Resources Corporation

January 08, 2007 09:00 ET

Sharpe Completes Purchase Option for 100 Percent Interest in 17,000 Acres of Coal and Coal Gas Rights in Preston County, West Virginia

HEATHSVILLE, VIRGINIA--(CCNMatthews - Jan. 8, 2007) - SHARPE RESOUCES CORPORATION: (NEX:SHO.H)(OTCBB:SHGPF) The Company has completed the purchase of a 100% interest in the coal and coal gas rights to approximately 17,000 acres in Preston County, West Virginia with a final payment of one hundred thousand dollars ($100,000).

As indicated previously, the property involves approximately six (6) separate coal seams to include the Bakerstown, Upper Freeport, Lower Freeport, Upper Kattanning and Lower Kattanning followed by the deeper Clarion coal seam. Some of the Upper Freeport coal has been mined previously on this property. Sharpe has completed an evaluation of the coal resources on the property with the help of an independent coal resource consulting firm.

This property offers an excellent opportunity for development of a large coalbed methane (CBM) program encompassing the ability to drill and complete a several hundred well drilling program. Additionally the coal resources are potentially mineable, as indicated some of these coal resources have been mined previously. In addition to the CBM program, this effort will include the evaluation and selection of coal mining contractor/operators interested in developing the open pit and underground coal resource potential on this property. The coal gas potential will involve the initial drill testing of test wells on the property as part of a program to evaluate and establish methane production initially from the deeper coal seams to include the Upper and Lower Kattanning coal seams.

The Company is evaluating the possibility of acquiring additional coal resource acreage in this area, property that adjoins Sharpe's current land position.

Sharpe Resources Corporation cautions that the statements made in this press release and other forward looking statements made on behalf of the Company may be affected by such other factors including, but not limited to market volatility, competition, and other risks detailed herein and from time to time in the Securities and Exchange Commission filings of the Company.

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this press release.

Contact Information

  • Sharpe Resources Corporation
    Roland Larsen
    (804) 580-8107
    (804) 580-4132 (FAX)