PATERSON, N.J., Nov. 6, 2009 (GLOBE NEWSWIRE) -- Quest Minerals & Mining Corp. (Pink Sheets:QMIN) (Frankfurt:QMNMB.F), a Kentucky based operator of energy and mineral related properties, today announced coal revenues of $292,000 for the month of October 2009. Quest's operating subsidiary, Gwenco, Inc., produced and shipped 11,000 gross tons for the month, resulting in sales of 4,350 clean tons of coal.
Eugene Chiaramonte, Jr., President of Quest, stated, "We are pleased to report that Gwenco had an increase in coal sales of approximately 25% from the prior month of September. We shipped over 11,000 tons to our buyers during the month of October; ensuing sales in excess of 4,350 clean tons of coal at $67.00 per ton. This is largely due to the increased seam thickness that we have recently encountered. However, a 10% improvement in production was also a key factor.
"If we are able to continue operating as we have been, without any significant delays or mining stoppages, we anticipate that our production rates will continue to augment as we move towards these final months of the year. Our goal for the Pond Creek mine remains to produce 20,000 gross tons per month with a 50% or greater recovery rate, and we believe that we are getting closer with each passing month. We continue to believe that demand for coal, both in the United States and abroad, is rebounding and getting stronger, with U.S. and Asian steel producers continuing to show positive signs."
Quest also stated that it anticipates announcing its complete third quarter operating results between November 14 and November 19, 2009.
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 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.