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Thelon Signs Lease Agreement to Double Production Royalties on Jellico Coal Project
May. 24, 2011 04:47PM PST
Industrial MetalsThelon Capital Ltd. (CVE:THC) reports signing lease agreement with a private contractor to mine a second 600-acre section of its Jellico coal project.
The press release is quoted as saying:
It is scheduled to start production in calendar 2012. This mine site is projected to produce an average of 20,000 tons per month for approximately 7-10 years. Under the terms of the lease, Thelon Capital Ltd. will receive the greater of $7 per ton royalty or ~9% of gross sales price of the Coal. Thermal Coal is currently selling for $90 per ton and Blue Gem Coal is currently selling for $185 per ton.
Click here to access the entire news release.
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