LHC

Long Harbour Exploration Corp. (TSX VENTURE:LHC) (the "Company") reports that it
has entered into an exclusive Letter of Intent to purchase coal and coal related
assets located in Kentucky owned by Pyramid, Inc. The Letter of Intent is
non-binding except as to exclusivity.


Highlights of the assets to be purchased include:



--  Substantial in situ coal assets; 
--  Close proximity to large neighbouring loadout facility supports access
    to Asian metallurgical coal markets; 
--  Fully permitted and fully operational mine with recent historical
    production of approximately 25,000 tons per month; 
--  Permitting to commence surface mining and expand underground operations
    to increase production.



The acquisition of selected assets from Pyramid, Inc. includes a fully permitted
and fully operational mine focused on mining the renowned Whitesburg and Elkhorn
coal seams. Recent historical production is approximately 25,000 ton per month
that includes coal sold into the US PCI market. The Company plans to increase
production following the acquisition and to focus on the international markets
that place great demand on high quality coal.


The mine is conveniently located in proximity to a state-of-the-art rail loadout
facility with a capacity of 92 rail cars that is able to transport coal to barge
facilities for offshore shipment. 


The transaction is subject to TSX Venture Exchange approval.

Long Harbour Exploration CEO, Peter Espig, commented, "We are fortunate to have
an opportunity that may allow us to leverage our management and board's rich
experience in the coal and shipping sectors with deep Asian networks. Arbitrages
exist with regards to consolidating coal from smaller producers and the US
versus Asian market demand for metallurgical coal to which these assets could
play a vital role. In addition, because the mine is fully permitted and fully
operational, start-up timing and CAPEX exposure is significantly mitigated.
Operations are expected to be simplified because, rather than assuming full
mining responsibilities, we expect to enter into a mining contract which will
allow us to leverage Pyramid's local mining expertise." 


The Company will provide additional transaction details in subsequent news releases.

Grafico Azioni Long Harbour Exploration Corp. (TSXV:LHC)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Long Harbour Exploration Corp. (TSXV:LHC)
Storico
Da Giu 2023 a Giu 2024