Future Prospects – Pott & Bannon
Pott & Bannon is located 25 miles from Atlantic Carbon Group's existing producing opencast anthracite operation, the Stockton Mine and is well positioned in close proximity to major east-coast transportation hubs. Like Stockton, the bulk of the Pott & Bannon reserves are in the high quality Mammoth Seam.
Based on information provided to the Company in a report, commissioned by the Reading Anthracite Company in January 1999 and prepared by John T. Boyd & Company, the Directors believed that the Pott and Bannon property could contain up to 13.6 million tons run-of-mine ("ROM") coal, equating to approximately 4.1Mt of washed, saleable anthracite. The average strip ratio was estimated to be 3.9 ROM (cubic yards of overburden to ton of ROM coal).
Confirming these resource details will form part of Atlantic Carbon Group's initial preparatory work on the Property. The Company has been progressing the mine planning and engineering process on the Pott and Bannon reserve site with a view to bringing the site into production. The Company is, however, also looking at the programme for opening up the site in the context of the potential acquisition of both new anthracite reserves and operational mines.