Symbol: CNG - TSX.V
VANCOUVER, June 16 /CNW/ - Canadian Mining (the "Company") announces that it has commenced negotiations to enter into a formal Letter of Intent with a private British Columbia company to acquire certain coal lease(s) in Wyoming's Powder River Basin area. Based on historical data, the coal lease(s) contain a resource that is in excess of 50 million tons of Sub-bituminous clean-burning coal with a heat value of 8300 - 10990 BTUs per pound. The Company is currently conducting its due diligence and has thirty days to conclude and agree to terms.
The Powder River Basin is a region in southeast Montana and northeast Wyoming, about 120 miles (190 km) east to west and 200 miles (320 km) north to south, known for its coal deposits. The region is the single largest source of coal mined in the United States and contains one of the largest deposits of coal in the world. The United States uses about 1 billion tons of coal a year with about 40 percent of the coal currently coming from the Powder River Basin. Because of the Powder River Basin, Wyoming has been the top coal-producing state in the United States since 1988. In 2007, the Powder River Basin alone produced 436 million short tons (396 million tonnes) of coal, more than twice the production of second-place West Virginia, and more than the entire Appalachian region.
Moving forward Canadian Mining will continue to expand and diversify its resource base, thereby increasing its asset value for its shareholders and the ability to attract joint venture partners to further grow the Company.
On behalf of the Board
Please see our web site for additional details: www.canadianmining.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Canadian Mining Company Inc.
For further information: For further information: contact Mr. Ray Paquette, 604.684.3301