The company said it anticipates to enter into a definitive agreement for the purchase of this Boavita mining concession, which covers about 1,550 hectares, by year end.
This acquisition will bring the company’s number of controlled concessions to ten, covering almost 30,000 acres.
The definitive agreement will permit the company to perform exploration activities on the property, after which it will have the option to buy the mining concession if the exploration activities prove successful.
Colombia Clean Power & Fuels CEO Ron Stovash said preliminary reports show that the property contains both low volatile metallurgical coal and semi-anthracite coal in significant quantities.
"Our goal at Boavita is to initiate an exploration program and mining operations that will result both in proven reserves and saleable coal in 2012," Stovash said.
