CORAL SPRINGS, Fla., Jan. 16, 2004 -- David Guthrie, President and CEO of Consolidated Energy, Inc. announced that the company has acquired from Eastern Land Development, LLC, a mineral holding company in Eastern Kentucky, a six million (6,000,000) ton coal reserve of low sulfur high BTU coal in Martin County, Kentucky.
"CEIW has the availability to ship this coal to markets on both rail via the N & S railroad and river terminals on the Big Sandy River at Catlettsburg, Kentucky," Guthrie said. "We are very excited about the future of low sulfur coal with this type coal now selling above $40.00 per ton as quoted by NYMEX," Guthrie stated.
CEIW acquired Eastern Consolidated Energy, Inc. ("ECEI") on September 15, 2003. ECEI had for the past two years been leasing coal and development of commercial mining and producing coal and has been mining coal since September 2003.
"With the recent acquisition of additional high production continuous mining equipment the company has now turned the corner and has commenced to produce coal at a much higher rate of production and in a profitable manner," Guthrie stated.
Our plans are to develop this newly acquired reserve as quickly as possible to expand further production, Guthrie said.