New Colombia Resources Announces Filing of Work Plan With the Agencia Nacional de Mineria (ANM) to Begin Production of Aggregates on Their Mining Property
BOGOTA, COLOMBIA--(Marketwired - Jan 29, 2016) - New Colombia Resources, Inc. (OTC PINK: NEWC) ("New Colombia or the 'Company"), a U.S. company with specialty metallurgical coal, raw building materials, medical marijuana, and hemp assets, is pleased to announce the filing of their Work Plan to process aggregates, identified in Colombia as the Plan de Trabajo y Obra (PTO), on January 25, 2016. This 200-page document has File # 2016-14-637 with the Agencia Nacional de Mineria. New Colombia Resources received an approval for their PTO for underground coal mining on December 23, 2014. Due to the challenges in the coal market, they decided to process aggregates to supply raw material to the major road projects in the area. Colombia's building sector is one of the fastest growing in South America and New Colombia's properties are in close proximity to the largest infrastructure projects.
Now that the PTO has been filed, the company will begin negotiations with the road contractors in the area. On December 23, 2015, the National Infrastructure Agency (ANI) announced the approval of the 23 Km that is needed to complete the 1000 Km Ruta del Sol road project, the largest in South America. Work to begin in January 2016. Click to read the article http://www.eltiempo.com/economia/sectores/ruta-del-sol-tras-seis-anos-destraban-tramo/16466312. The mega project is complete except for this stretch which will start with tunnels and bridges that are between 200 meters to 3 Km from New Colombia's mining concession in Guaduas.
The Company is working closely with the agencies involved to accelerate approvals to begin production as soon as possible. They previously submitted their environmental management plan but needed to complete a work plan to include aggregates.
A copy of the PTO is available in Spanish, however a Technical Report with cash flow models, reserve estimates, etc. has been drafted in English by a Qualified Person (QP), as defined by the Canadian Securities Administrators (CSA). The report will be posted on the company website; some highlights include:
- Detailed surface mapping and sampling campaign was carried out on the northern portion of the campaign.
- Drone Aerial survey was used to complement historical topographic information
- 3 Geo-electrical topographies were carried out to infer the thickness of each lithological unit
- Samples were taken and analyzed of the different lithology along the area of interest
- 3D modeling was carried out using Aranz Leapfrog3D software
- A mine plan was developed to mine a 200m x 500m area
- Mine life was established at 14 years
- Average mining rate was established at 225,000 cubic meters per annum
- IRR is 53%
In addition to mining, New Colombia Resources is co-founder of Sannabis SAS in Colombia, makers of the Sannabis brand of medical marijuana products. Sannabis enjoys first mover advantage in this sector and will be making updates more frequently. 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.
Source: Marketwired (Canada)
(January 29, 2016 - 9:48 AM EST)
News by QuoteMedia