VSUS Technologies has entered into a letter of intent (LOI) to acquire the shares of a privately owned 4000 HA (9880 acres) coal mining concession in San Vicente de Chucuri, Colombia.

The company will file a definitive agreement with the US-based SEC (Securities and Exchange Commission) for the acquisition of Concession Contract No. FLG-101.

The concession contract is to be granted for the Exploration and Exploitation of a Carbon Mineral and other Grantable Mineral Deposits by the Colombian Institute of Geology and Mining which will become wholly owned by VSUS Technologies.

VSUS Technologies president John Campo said the acquisition will add concessions almost 10,000 acres to the company’s portfolio in the Middle Magdalena Valley.

"Phase I field exploration is complete, we are gearing up for Phase II in order to complete our Environmental Impact Assessment and Work Program as well as prove our reserves to begin mining operations," Campo added.