America West Resources' CEO Issues Operational Update
2009年9月25日 - 3:15AM
PRニュース・ワイアー (英語)
Increased Efficiency and New Equipment Expected to DoubleMonthly
Coal Production by Year-End SALT LAKE CITY, Sept. 24
/PRNewswire-FirstCall/ -- America West Resources, Inc. (OTC:AWSR)
(BULLETIN BOARD: AWSR) , a domestic compliant coal producer with
mining operations in Central Utah, today announced that Dan Baker,
Chief Executive Officer, has authored a letter to shareholders that
has been posted to the Company's website at
http://www.americacoal.com/. Providing details about the Company's
coal mining operations and the monthly production objectives that
it expects to achieve over the next 18-24 months, Baker's letter
stated: "Dear Valued Shareholders, Business Partners and Friends:
"On behalf of America West's management team, I am writing this
letter to provide you with a meaningful update on our Company. More
specifically, I hope to give you greater insight and perspective on
the critical operational and corporate milestones we've worked to
achieve in 2009, as well as the challenges and opportunities we
believe are ahead of us in the foreseeable future. "I'll begin by
noting that the second half of 2009 represents a period of time in
which a critical turning point has occurred for America West -- a
period in which we have and will continue to make notable strides
towards achieving our mission of becoming a globally recognized,
industry respected producer of compliant, low-sulfur coal. "When
the year began, we spent several months contending with equipment
breakdowns, unusually high inflows of water in an active mining
section, and extensive drilling programs in advance of mining
activities. These, as well as other serious operational
difficulties, did not allow us to produce the kinds of results we
had hoped for coming out of the gate. Fortunately, the second half
of 2009 is proving to be in sharp contrast to the first six months
of the year. Steady, upward increases in our monthly coal
production; mine development expansion plans that could double our
current production by year-end; the necessity to increase the size
of our mining workforce; existing customer demand for our compliant
coal; and the prospect of new international customers coming on
board - all point to a much more positive outlook for our Company.
"Earlier this summer, we succeeded in replacing a continuous miner
and two shuttle cars, originally purchased in 2004, with newer,
rebuilt mining equipment. This new equipment, combined with moving
past a series of poor mining conditions, has resulted in greatly
improved coal production at our Horizon Mine. With our new
continuous miner allowing for consistent monthly extraction of
approximately 30,000 tons from a single mining section, America
West is now taking steps to acquire or lease a second continuous
miner for delivery within the next 60 days to support mining in a
second section at Horizon. Maintaining a minimum production level
of 30,000 tons per month is significant to us, because the cash
flow from the related coal sales allows us to satisfy our current
monthly financial commitments. "It should be noted that we are also
evaluating the financial advantages of either refurbishing the 2004
equipment for redeployment in a third section at Horizon next
Spring, or simply leveraging its trade-in value to offset the cost
of new equipment purchases. Of course, these timelines are just
general benchmarks and our ability to obtain additional equipment
may be adversely affected by limitations on our ability to leverage
trade-in values or obtained advantageous financing. "By the end of
this year, we expect to have the second section in full production
at Horizon, thereby doubling our monthly coal output to
approximately 60,000 tons, assuming optimization of our production
capabilities. Of course, conditions we encounter in the mine may
limit our ability to produce coal at that rate. Also, we plan to
hire additional miners over the next two months. Due to certain
financial and operational challenges confronting other coal mining
operations in our region, America West is currently benefiting from
an increased employment pool of available experienced personnel and
is attracting a number of highly qualified, well-trained miners to
our growing organization. "Also, our management team is currently
engaged in contract price negotiations with our customers for the
2010 calendar year - a process that is advancing well and points to
strong, sustainable revenue growth for our Company in the coming
year. Moreover, we have also been hosting on-site tours of our
Horizon operations for new customer prospects who have expressed
interest in purchasing our compliant coal for powering utilities
and industrial plants in the Far East. With a goal of launching
mining operations in a third section at Horizon in early spring,
there is an opportunity for us to achieve solid growth in 2010, as
well as implement another workforce expansion initiative at that
time. "Further enhancing our long term value proposition is our
undeveloped Columbia asset -- property covering approximately 5,200
acres in Carbon County, Utah, located in close proximity to our
Horizon Mine. As previously announced, tonnage analysis reports and
core hole drillings reflect that the Columbia property is estimated
to have approximately 50 million tons of raw, recoverable,
metallurgical grade coal in place. In accordance with our
three-year mine development plan for Columbia, we expect to begin
developing the asset as early as the fourth quarter of 2010 with
coal production to launch in early 2011, assuming the availability
of equipment and obtaining permits. Considering that metallurgical
coal has long commanded premium pricing in our industry, the longer
term outlook for America West appears to be very promising and
getting stronger. "In closing, I'd like to thank each of our valued
shareholders and business partners for your continued support and
confidence. Today, we have a much stronger foundation for growth in
place compared to only nine short months ago, and we are
implementing intelligent strategies that should allow us to achieve
a number of important objectives in the coming year. You can
certainly count on the fact that we will keep working very hard to
distinguish America West Resources as a source of pride for
everyone associated with our Company," concluded Baker. About
America West Resources, Inc. Headquartered in Salt Lake City, Utah,
America West Resources is an established domestic coal producer
focused on the mining of compliant (low-sulfur) coal and its sale
primarily to U.S. utility companies for use in generating
electricity. The Company operates the Horizon Mine, which has
recoverable compliant coal reserves under lease of approximately 19
million tons. In addition, America West maintains an undeveloped
leasehold, known as the Columbia Property, covering approximately
5,200 acres in Carbon County, Utah -- near where the Company is
currently mining thermal coal from the Horizon Mine. Based on
geological studies, tonnage analysis and core hole drillings, the
Columbia Property is estimated to have 50 million tons of raw,
recoverable metallurgical grade coal reserves in place. For more
information, please visit http://www.americacoal.com/.
Forward-Looking Statements This news release contains
forward-looking statements Please refer to the Company's Form 10-K
and other filings with the United States Securities and Exchange
Commission (the "SEC") for additional information regarding risks
and uncertainties, including, but not limited to, the risk factors
listed from time to time in such SEC reports. Copies of these
filings are available through the SEC's electronic data gathering
analysis and retrieval system (EDGAR) at http://www.sec.gov/. The
forward-looking statements in this release do not constitute
guarantees of future performance. Investors are cautioned that
statements in this press release which are not strictly historical
statements, including, without limitation, statements regarding
current or future mining output, ability to obtain necessary
equipment, personnel and permits to mine coal, production
capabilities, management's strategy, plans and objectives for
future operations, plans and objectives for production, plans and
objectives for present and future production, plans and objectives
for regulatory approval, and anticipated results, constitute
forward-looking statements. Such forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from those anticipated,
including, without limitation, risks associated with coal
production, mining in general and in our mines in particular,
ability to achieve the coal output anticipated, ability to obtain
permits, ability to hire and retain the necessary personnel, as
well as other risks detailed in our filings with the SEC. We assume
no obligation to update any forward-looking information contained
in this press release or with respect to the announcements
described herein. FOR ADDITIONAL INFORMATION, PLEASE CONTACT: ELITE
FINANCIAL COMMUNICATIONS GROUP Dodi B. Handy, President & CEO
(Twitter: dodihandy) For Media Inquiries: Kathy Addison, VP, Elite
Media Group (Twitter: kathyaddison) 407-585-1080 or via email at
DATASOURCE: America West Resources, Inc. CONTACT: Kathy Addison,
VP, Elite Media Group (Twitter: kathyaddison), +1-407-585-1080, Web
Site: http://www.americacoal.com/
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