Global Met Coal Corp. (GMZ.V: Quote) announced that it has signed a binding Memorandum of Understanding or "MOU", with Aspire Mining Limited to work together to mutual benefit in the pre-development, development and operation of the Mogoin Gol and Ovoot Coking Coal projects, located in the Ovoot Basin, northwest Mongolia.
As per the terms of the MOU, Global Met Coal has agreed to provide Aspire Mining with access to existing open pit mining operations at the Mogoin Gol Coking Coal project for the collection of information and bulk samples to be used by Aspire Mining in its prefeasibility-stage Ovoot Coking Coal Projectwhich surrounds and adjoins the Mogoin Gol property.
Aspire Mining will have access to all historical coal quality data produced as a result of coal sales from the Mogoin Gol Coking Coal Mine and bulk samples of suitable coal quality for test work purposes, including washability and coke oven test work, and for market development purposes.
Global Met Coal signed a letter of intent with Mogoin Gol Energy LLC, dated October 20, 2011, to purchase a strategic interest in the Mogoin Gol Coking Coal Mine subject to the completion of due diligence and acceptance of the TSX Venture Exchange.
Further to the news release dated September 21, 2011 announcing the letter of intent related to the purchase by Global Met Coal of the coal project located in Jefferson County, Alabama, the vendors of the coal project have granted Global Met Coal an extension to April 30, 2012 to complete its drilling and due diligence investigations.
In connection with the proposed acquisition of the metallurgical coal projects in Mongolia and Alabama, Global Met Coal has agreed to pay finder's fees payable in cash or by the issuance of shares having a deemed price of $0.15 per share or a combination of both, subject to acceptance of the TSX Venture Exchange.
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by RTT Staff Writer
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