Thelon Capital Ltd. (TSE:THC) announced that it has acquired the Jellico Coal Project, through its’ purchase of Clear Fork Mining Co.
Thelon Capital Ltd. (TSXV:THC) announced that it has acquired the Jellico Coal Project, through its’ purchase of Clear Fork Mining Co.
The press release is quoted as saying:
The Jellico Coal Project consists of 6350 acres of fee simple land in the Cambell and Claiborne counties in the State of Tennessee. On March 1st 2006 Mountainside Mining Co. of Kentucky entered into a lease agreement with Clear Fork to permit and mine 640 acres of the Jellico Project. Mountainside Mining is a private contract miner. During the fiscal year of 2010 they have mined 185,600 tons of Compliant Coal resulting in royalty payments to Clear Fork of approximately $1.1 million. Production increased throughout the year and Mountainside Mining Co. expects to further increase production in 2011 as well as add additional tons under permit. There are approximately 3 million tons of Coal under permit with an expected mine life of 8 years.
Jason Walsh, President of the Company, said:
The purchase of the Jellico project and its production is an important milestone for Thelon, as we build the company into a premier producer in the coal industry. We look forward to a long working relationship with this talented and experienced team.