Colombia Energy Resources, Inc. (CERI) signed a Memorandum of Understanding for the acquisition of the Boavita coal mining concession. “Preliminary reports show that the property contains both low volatile metallurgical coal and semi-anthracite coal in significant quantities,” said Ron Stovash, CEO, CERI. “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.”
The company expects to enter into a definitive agreement for the purchase of the Boavita mining concession by year end. The concession covers approximately 1,550 hectares (3,830 acres) and brings the number of its controlled concessions to 10, covering almost 30,000 acres.