New Colombia Resource plans to commence drilling to complete an NI-43-101.
BOGOTA, Colombia (http://www.FinancialNewsMedia.com News Alert) -- New Colombia Resources, Inc. (OTCQB: NEWC) updates shareholders on the progress of their metallurgical coal project in Colombia. The Company is taking the steps necessary to complete a NI-43.101 Technical Study on both their wholly owned "La Tabaquera" metallurgical coal mine and the soon to be wholly owned "La Herradura" coal mine. The Company entered into a letter of intent with the legitimate owner of "La Herradura" last year which it intends to close within the next quarter.
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According to engineering reports, "La Tabaquera” has 15-17 MM metric tons of mostly premium metallurgical coal. The neighboring "La Herradura" is expected to have 6 times that since it's that much bigger with the same coal seams. New Colombia Resources received a proposal from the world's leading inspection, verification, testing, and Certification Company to develop a drill program to complete an NI 43-101 Technical Study. Once New Colombia has the drill program, they will commence drilling accordingly. The certification company accompanies the drillers to take custody of the core samples back to their lab. A Qualified Person, as defined by the Canadian Securities Administrators, compiles these results into an NI 43-101 Technical Study, which can be used to complete a feasibility study of the project. New Colombia Resources is in contact with their auditors to take full advantage of this Technical Study on the Company’s asset statements.
"We’re very excited to begin drilling and updating shareholders as each hole is drilled, stated John Campo, President of New Colombia Resources, Inc. “The NI 43-101 is a tool used to measure reserves by investors around the World, this will prove our reserves and allow us to get favorable financing to begin production," further commented Mr. Campo.
The Company is finalizing their recently announced acquisition of Compania Mineria San Jose Ltda. which will be used as its operating subsidiary in Colombia. New Colombia Resources is also waiting for comments from the Agencia Nacional de Mineria (ANM) on the status of their Works Programme submitted in December. The company has not received any comments, which it deems as a positive sign.
Although New Colombia can sell its premium coal at the mine’s gate for a profit, they still plan on establishing a logistics program to move coal from central Colombia by road, river, and rail.
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