First Colombia Gold Corp. (OTC Pink: FCGD) is engaged as a natural resource mining company. Shares of the mining company are climbing 33.33% through early trading on Tuesday, April 18, 2017. Over the past month, First Colombia Gold Corp. has seen average daily volume of 152.78 million shares. However, volume of 672.94 million shares or dollar volume of $269,176, has already exchanged hands through early trading Tuesday.
Shares of First Colombia Gold Corp. are jumping today, after the company announced they have signed a binding letter of intent to lease coal mining rights. The land features 102 acres within Clay County, Kentucky. Here is the full press release detailing of the lease agreement:
First Colombia Gold Corp. Press Release:
Nashville, TN, April 18, 2017 (GLOBE NEWSWIRE) — After announcing their intent to diversify energy Operations, First Colombia Gold Corp. (otcpink:FCGD) announced today that they have signed a binding letter of intent to lease coal mineral rights to approximately 102 acres of permitted land in Clay County Kentucky. The letter of intent acknowledged by Doug and Sarah Bowling is the next step for First Colombia to enter into the coal industry and capitalize on the coal sector resurgence.
Landowner, Doug Bowling, stated, “We are excited to have First Colombia begin its operations with our property. The past decline of the coal industry made coal mining activity slow in eastern Kentucky. We are confident that this new relationship will work to revive coal in this area.”
The 102 acres has three primary seems of coal known as the Haddix, Fireclay, and Amburgy. Past mining activity on the property had located coal seams from 48” to 55”. Jason Castenir, CEO of First Colombia Gold Corp. stated, “We are very optimistic about our entry into the coal industry sector. The Bowling lease will provide an excellent location for mining. The coal overburden and the mine location make this a desirable fit for the model that we are developing.”
The coal mine will be located outside Manchester Kentucky. The mine location will give First Colombia Gold Corp. the option to sell the coal through either the Eastern Kentucky Market or through access to the Norfolk Southern Rail system.
Somerset Kentucky currently has a dormant coal processing terminal located next to Norfolk Southern’s Cincinnati, OH/Louisville KY to Chattanooga, TN mainline. First Colombia Gold Corp. CEO, Jason Castenir, stated, “In our model, we would like to use the coal located within reasonable distance of the Norfolk Southern’s Cincinnati to Chattanooga line to provide a wider market for the coal. Ideally, we will be able to seek access to the terminal and/or the line and further expand our coal industry model.”
First Colombia Gold Corp. is seeking to complete the coal leasing phase by May 2017 and attempt to capitalize on the better than expected weather for mining activity.
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.’s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words “estimate,” “project,” “believe,” “anticipate,” “intend,” “expect,” “plan,” “predict,” “may,” “should,” “will,” “can,” the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company’s filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company’s due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.