That PR does not, but this one does (and btw John-- you already know this so why the same questions?):
Mountain currently owns 30 separate properties in West Virginia with approximately 1,300 acres owned in fee and an additional 1,300 acres of mineral rights. Reserve estimates by the U.S. Geological Survey (''U.S.G.S.'') indicate in excess 10,000,000 tons bituminous coal. This low sulfur, low ash content, high BTU, clean burning currently sells for $25-$28 per ton. With cost of mining and transportation estimated at $11-$15 per ton, this will show a $10 per ton conservative net profit, (representing maximum cost to mine and minimum selling price), providing net asset value in excess of $100,000,000, with a potential of $170,000,000. The U.S.G.S. estimates also indicate in excess of 2 billion cubic feet of coal methane gas. This gas currently sells in excess of $3.00/MCF 1000 cubic feet. In most cases this gas is subject to an alternate fuel tax credit in excess of $3 MCF, for an estimated value of $5/MCF valued at $10,000,000.
A separate reserve study has been commissioned by Independent Reservoir and Mining Engineers to arrive at a realistic present net asset value. History indicates that U.S.G.S. estimates usually represent 25 percent to 40 percent of actual minerals in place. The Company continues to acquire additional acreage in the area.
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