The firm has purchased the rights to mine the Lower Kittanning coal seam under approximately 2,300 acres in the Jenner and Conemaugh Townships in Somerset County for a total value of $2.8m.
A total of $1m has been paid with the balance payable on 13 December next year.
Keyser property has been drilled with a total of 24 cores extracted within and immediately adjacent to the footprint of this indicated resource.
The Lower Kittanning coal seam is located 100 to 600 feet below the surface and exhibits an average inclination of 3 degrees with an average seam thickness of 3.45 feet.
Using Carlson Mining Software, the preliminary calculations for the Keyser Property, indicate the presence of a total of 11.0 million tons of in-place, low volatile, coking coal within the Lower Kittanning seam.
Corsa has sold approximately 252,000 clean tonnes of metallurgical coal and approximately 142,000 clean tonnes of thermal coal during the fiscal year ended November 30, 2011.
Corsa’s primary business is the mining, processing and selling of metallurgical coal, as well as actively exploring, acquiring and developing resource properties consistent with its coal business.
