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Pennsylvanian mine announces 29% increase in clean coal reserves

World Coal,

Atlantic Coal has announced a 29% increase in its clean coal reserve base. This is an increase from 1.375 million short t to 1.777 million short t, at the Stockton anthracite mine, located near Hazleton, Pennsylvania.

The increase comes as part of an annual audit of Stockton by independent consultant John T. Boyd Co. This re-assessment follows the 2012 record production at Stockton of 161,659 short t. These production figures into account represent an effective increase of over 560,000 short t on the reserve base estimated at the end of 2011 (equivalent to a 41% increase). The board of Atlantic Coal estimates that this increase will extend the life of Stockton by approximately four years from 2020 to 2024, based on the 2012 production figure.

Atlantic Coal’s managing director, Steve Best, said: “We are pleased to announce this significant increase in Stockton’s reserve base and subsequent expected mine life extension. This follows the record production figures reported from our Pennsylvanian mine for the quarter ending 31 March 2013. Stockton remains an important element of our strategy to become a major mid-tier anthracite producer. With an additional 400,000 tonnes (after deduction of the 2012 production of 161,659 tonnes) of high anthracite identified on site, and our recent acquisition of the Pott & Bannon site, I believe that we can look ahead with confidence over the coming months as we advance our production portfolio.”

The revised estimate is subject to completion of drilling to confirm the extent of previously by-passed coal on the south wall of the Stockton mine and development of an updated mine plan for recovery of remaining coal.

Adapted from press release by Samuel Dodson

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