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Canada Business News and Press Releases
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(EMAILWIRE.COM, April 04, 2012 ) Press Release Distribution Services: http://www.emailwire.com/press_release_distribution_lists.php
VANCOUVER, BRITISH COLUMBIA -- Novadx Ventures Corp. ("Novadx" or the "Company") (TSX VENTURE: NDX) is pleased to announce that the United States Department of the Interior, Office of Surface Mining ("OSM") in Knoxville, Tennessee has issued a Notice of Technical Adequacy in respect to the Company's application to revise its permit to construct and operate a coal washing facility at its Rex No. 1 Mine located in Campbell County, Tennessee.
Notice of Technical Adequacy is official regulatory notification that the Company's application to construct and operate a wash plant at the Rex No. 1 Mine site has met all regulatory technical requirements. The Company expects to shortly receive notice from OSM confirming the requisite reclamation bond amount the Company will be required to post and management expects that the final permit revision will be issued by the OSM shortly after the Company has posted this reclamation bond.
The wash plant design specifications provides for processing of up to 250 ton/hour of run of mine coal. The design plan is complete and currently out for commercial bid and the Company expects the wash plant to be operational in the 3rd calendar quarter of 2012.
As disclosed in its March 1, 2012 News Release, the Company has recently updated the coal resource estimate at the Rex Mine to include 38.1 million tons of Measured and Indicated Resources and 9.6 million tons of Inferred Resources in place. The estimated reserves include 11.3 million recoverable tons of Proven and Probable Reserves which, based on current plans, will support over a 20 year mine life.
The Company anticipates filing an updated NI 43-101 report and sensitivity study supporting the previously announced updated resource estimate on SEDAR on or before April 16, 2012.
The Rex coal is a high quality, low ash coal which the company intends to sell primarily to the silicon metal, ferrosilicon and other specialty markets where pricing tends to be less volatile while commanding a premium to typical metallurgical coal prices due to short supply. Outlook on short and long term pricing remains positive due to coal quality, scarcity of resources and market demand.
Mr. MacDonald, President and CEO of Novadx, commented: "We have reached a major milestone in the process of permitting the planned wash plant at the Rex No. 1 Mine. The Rex No. 1 Mine positions Novadx for significant revenue growth in the near term and the Notice of Technical Adequacy brings us another step closer to this objective."
Mr. John Feddock, P.E., Senior Vice President of Marshall Miller & Associates, a "Qualified Person" pursuant to the provisions of National Instrument 43-101, has reviewed and approved the scientific and technical information within this news release.
About Novadx: Novadx, through its wholly owned subsidiary MCoal Corp., invests its capital to acquire and develop coal projects, with high margin, high quality reserves in the US Appalachian coal fields. For more information please visit www.novadx.com.
About MCoal: MCoal Corporation is a wholly-owned subsidiary of Novadx Ventures Corp. which operates the producing Rosa coal mine in Blount County, Alabama and is developing the Rex No.1 coal mine in Campbell County, Tennessee.
ON BEHALF OF THE BOARD
Neil MacDonald, President and CEO and Director
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.
This release contains "forward-looking information" that includes information relating to future events and future financial and operating performance, including management's assessment of Novadx's and MCoal's future outlook, properties and mining activities and production. Specifically, this release contains forward-looking information related to estimated coal reserves and resources, future development of assets, reserves, properties, or permits and regulatory approvals. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. Forward-looking information should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved.
Forward-looking information is based on information available at the time it is made and/or management's good faith belief as of that time with respect to future events, and such information is subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking information. Important factors that could cause these differences include but are not limited to: actual or expected sampling or production results, pricing and assumptions, projections concerning reserves and/or resources in our mining operations; changes in contracted sales, the business of the Company may suffer as a result of uncertainty surrounding the coal market; the Company may be adversely affected by other economic, business, and/or competitive factors; the worldwide demand for coal; the price of coal; the price of alternative fuel sources; the supply of coal and other competitive factors; the costs to mine and transport coal; the ability to maintain existing mining leases and rights and the ability obtain new mining leases, rights, permits and regulatory approvals; the costs of reclamation of mined properties; the risks of expanding coal mining activities and production; the ability to bring new mines on line on schedule; industry competition; the Company's ability to continue to execute its growth strategies; the Company's ability to secure additional financing; the Company's ability to complete planned acquisitions; and general economic conditions. You should not put undue reliance on any forward-looking information. We assume no obligation to update forward-looking information to reflect actual results, changes in assumptions or changes in other factors affecting forward looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking information, no inference should be drawn that we will make additional updates with respect to those or other forward-looking information. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
Neither 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. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release
Novadx Ventures Corp.
Corporate Office
(604) 633-2776
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