Tom Sauve, President of American Resources Corporation. “I applaud our team for coming in under budget on the development of the mine and achieving a very expedited timeframe to get on production."
Fishers, IN (PRWEB) March 13, 2017
American Resources Corporation (OTCQB: AREC), through its wholly owned subsidiary Quest Energy Inc, has commenced production at its Carnegie Mine in Pike County Kentucky. The Carnegie mine is in the Alma seam and is a High Vol A/B metallurgical coal that is used to make steel in both the domestic and export market.
The Carnegie Mine is the first of the Company’s series of mines in the Alma seam that it anticipates bringing into production during the course of 2017. The Company forecasts its production costs at this mine to be sub $56.00 per ton and will be loaded on the rail at the Company’s McCoy Elkhorn Bevins Branch complex.
“We are excited to begin production at the first in a series of Alma seam mines in the area.” stated Tom Sauve, President of American Resources Corporation. “I applaud our team for coming in under budget on the development of the mine and achieving a very expedited timeframe to get on production. This mine offers us the ability to create blends with our other metallurgical production at our McCoy Elkhorn facility and offer our customers a very attractive High Vol metallurgical product at a time when High Vol coal is in demand.”
About American Resources Corporation
American Resources Corporation is engaged in diversified energy services including mining, processing and logistics, with a primary focus on traditional energy sources such as coal and oil and gas. American Resources Corporation plans to expand its business by continuing to develop its currently leased properties and further expanding its processing and logistics business, and through the pursuit of strategic acquisitions.
Mark Laverghetta, Vice President of Corporate Finance and Communications
Special Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company’s actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company. The words “believes”, “may”, “will”, “should”, “would”, “could”, “continue”, “seeks”, “anticipates”, “plans”, “expects”, “intends”, “estimates”, or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
Source: American Resources Corporation