SOURCE: MMEX Mining Company
DALLAS, TX--(Marketwire - Mar 8, 2012) - MMEX Mining Corporation (OTCBB: MMEX) ("MMEX" or the "Company") is pleased to announce that on 7 March 2012, the Company successfully completed the acquisition of its 50% interest in its first metallurgical coal mine project in Colombia (the "Hunza Mine") through the execution of its exclusive option agreement.
The Hunza Mine is in the Boyacá Province of east-central Colombia, approximately 200 km. northeast of the city of Bogotá. The property is accessible by road and consists of three coal titles, comprising a tenure parcel of 567.8 hectares. Active artisanal underground mining is currently conducted on one of the titles. Norwest Corporation, the U.S. based coal consultancy, has evaluated the potential coal tonnage of the three mining titles and concluded in a technical report issued on April 2011 that the concessions have a reasonable in-place coal tonnage of high quality, medium volatility metallurgical coal. The concessions are permitted to produce up to 1.6 Million tons annually.
Jack W. Hanks, President and Chief Executive Officer commented today,
"The acquisition of our 50% interest in the Hunza Mine represents a major achievement for MMEX and adds significant value to the Company. We are very pleased to share this achievement with all our investors. We are very optimistic about the potential of the property and look forward to start developing it and report our progress in the coming weeks."
About MMEX Mining Corporation
MMEX is an exploration stage company engaged in the acquisition and development of coal and other mining assets in South America. The Company searches for commercially viable coal and mineral deposits through acquisitions. MMEX Mining Corporation is publicly traded on the OTC market under the ticker symbol "MMEX" and is headquartered in Dallas, Texas USA. For more information please visit www.mmexmining.com
This document may contain "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as "may," "will," "intend," "should," "believe," "expect," "project," "estimate" or similar expressions, it is making forward-looking statements. Forward-looking statements reflect current plans and expectations and are based on information currently available. They are not guarantees of future performance and involve risks and uncertainties, including those discussed in the Company's reports filed from time to time with the Securities and Exchange Commission. The Company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.