PATERSON, N.J., May 14, 2008 (PRIME NEWSWIRE) -- Quest Minerals & Mining Corp. (OTCBB:QMNM) (Frankfurt:QMNB), a Kentucky based operator of energy and mineral related properties, has signed a letter of intent to purchase the assets of Mountain Ridge Mining.
Quest is currently conducting proper due diligence and investigation of assets owned by Mountain Ridge. Included in the purchase: a high wall miner and the rights to mine coal with estimated reserves of 6 million tons of Met coal. Mountain Ridge has agreed to furnish Quest Minerals & Mining with all possible information that will aid in its investment decision, including the appraised value of all company-owned equipment.
As dictated by the agreement, Quest will pay for engineering reports on all Mountain Ridge Mining properties and will then have one (1) week to exercise an option letter on the project.
Eugene J. Chiaramonte, Jr., President of Quest Minerals & Mining Corp., stated, "Mountain Ridge Mining represents a new opportunity for Quest to expand our portfolio of proven coal reserves and also acquire critical mining equipment. We are currently in the due diligence process of the agreement and look forward to updating the public on our findings as they become available."
About Quest Minerals & Mining
Quest Minerals & Mining Corp., or Quest, acquires and operates energy and mineral related properties in the southeastern part of the United States. Quest focuses its efforts on properties that produce quality compliance blend coal. For more information on Quest Minerals & Mining Corp., please visit our website at http://www.questmining.net.
Forward-Looking Statements
This document contains discussion of items that may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Quest believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Factors that could cause actual results to differ from expectations include, but are not limited to, lack of revenue producing operations, lack of working capital, debt obligations, judgments and lien claims against Quest and certain of its assets, difficulties in refinancing short term debt, difficulties identifying and acquiring complementary businesses, fluctuations in coal, oil & gas, and other energy prices, general economic conditions in markets in which Quest does business, extensive environmental and workplace regulation by federal and state agencies, other general risks related to its common stock, and other uncertainties and business issues that are detailed in its filings with the Securities and Exchange Commission.