PATERSON, N.J., Jan. 21, 2010 (GLOBE NEWSWIRE) -- Quest Minerals & Mining Corp. (Pink Sheets:QMIN) (Frankfurt:QMN9), a Kentucky based operator of energy and mineral related properties, today announced coal revenues of $350,000 for the month of December 2009. For the month, Quest's operating subsidiary, Gwenco, Inc., produced and shipped 11,500 gross tons, resulting in sales of over 5,200 clean tons of coal.
Eugene Chiaramonte, Jr., President of Quest, stated, "We are pleased to report that Gwenco increased its coal sales by approximately 20% from the prior month of November. We shipped 11,500 tons to our buyers during the month, resulting in the sale of over 5,200 clean tons of coal at $67.00 per ton. Our average recovery rate remained relatively constant at 46%, which remains extremely close to our goal of 50% or greater recovery.
"What makes these production results even more impressive is that we achieved these results even though there was a severe power outage in the region which caused a nine day closure during the second half of December," Chiaramonte continued. "We produced 3,500 clean tons during the first half of December alone. Without the power outage, we were on pace to produce over 7,000 clean tons for the month, which would have put us very close to our goal of 10,000 clean tons per month.
"With each month's production, we are making more and more progress towards our initial operational goals. We continue to believe that, if we are able to continue to operate without any significant delays or mining stoppages, we will achieve these goals in this new fiscal year. We also 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 year end operating results between March 31 and April 15, 2010.
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.