| UBRG Universal Bioenergy Announces it Starts Full Operations of Whitesburg Coal Mine | | Date : | 03/05/2012 @ 6:30AM | | Source : | GlobeNewswire Inc. | | Stock : | Universal Bioenergy Inc. (UBRG) | | Quote : |  0.0295 0.0 (0.00%) @ 7:54AM |
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| Universal Bioenergy Announces it Starts Full Operations of Whitesburg Coal Mine |
| Universal Bioenergy (QB) (USOTC:UBRG)
Intraday Stock Chart Today : Monday 5 March 2012
Universal Bioenergy Inc., (Pink Sheets:UBRG), a publicly traded independent diversified energy company, announced today that the Whitesburg Friday Branch Mine has begun full production and coal mining operations. On February 28, Universal announced that it had closed the acquisition of a 40% stake in the Whitesburg Friday Branch Mine LLC, a producer of thermal steam coal in eastern Kentucky in a deal valued at over $264 over the next five years. Universal has now expanded into the coal energy market sector with this acquisition. Thermal/Steam non-coking coal is used as a primary source of energy for coal fired powered plant electric generation. The Whitesburg mining operations are the surface and high wall mining type, also known as opencast or open-cut mining, which is very economical when the coal seam is near the surface. This method recovers a higher proportion of the coal deposit than underground mining as all coal seams are exploited and 90% or more of the coal can be recovered.
Whitesburg has a full assortment of heavy coal mining equipment operating on the site including Caterpillar Bulldozer's with Single Shank Rippers and SU-Blade and Rippers, Hydraulic Excavators, Loaders, Trucks and other equipment. Whitesburg has begun to drill and blast two areas of the mine, and to remove the overburden of soil and rock from the coal by means of explosives, which is then removed by heavy power loaders and trucks. The overburden of rock and soil has been removed to expose the coal seam to make the coal accessible, which is drilled, fractured and systematically mined in strips. Coal is expected to be on the ground this week. The coal will then be loaded on to large trucks for transport to the customers.
Whitesburg's Vice President of Business Development, Pete Monroe, says, "Whitesburg Friday Branch Mine has begun full production and operations. Over the past few months, land reclamation work has progressed and passed inspection by the State of Kentucky, paving the way to extracting coal from the mine. In the past two weeks, drilling and blasting in preparation for removal of coal has begun and it is expected that coal will be on the ground by the end of this week. We are excited about the partnership with Universal Bioenergy and look forward to a very financially rewarding project as our operations maximize the full value of the mineral rights and leases under contract."
About Universal Bioenergy Inc.
Founded in 2004, Universal Bioenergy Inc., is a publicly traded independent diversified energy company that produces and markets natural gas, petroleum, coal and propane. We market energy resources to the largest public utilities, electric power producers and local gas distribution companies in the U.S., that serve millions of commercial, industrial and residential customers. We are also engaged in the acquisition and development of existing or recently discovered oil and gas fields, leases and surface coal mines. For more information visit www.universalbioenergy.com.
The Universal Bioenergy Inc. logo is available at globenewswire.com
Safe Harbor Statement - There are matters discussed in this media information that are forward looking statements within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. Such statements are only forecasts and actual events or results may differ materially from those discussed. For a discussion of important factors which could cause actual results to differ from the forward looking statements, refer to Universal Bioenergy Inc.'s most recent annual report and accounts and other SEC filings. The company undertakes no obligation to update publicly, or revise, forward looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
CONTACT: Media Relations: Solomon Ali 949-559-5017 |
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