FISHERS, IN / ACCESSWIRE / May 14, 2018 / American Resources Corporation (OTCQB: AREC), through its wholly owned subsidiary Quest Energy Inc. and Knott County Coal LLC, has entered into an agreement to acquire an active surface mining operation focused on remining a coarse disposal area in Wayland, Floyd County, Kentucky. Under the agreement, Knott County Coal will immediately assume ownership of all permits, leases, government approvals, and reclamation bonds associated with the Wayland, Kentucky refuse area.
The Wayland site dates back to when the Elk Horn Coal Corporation established the coal camp town of Wayland, KY in 1913, where they operated several mines up until the mid-1950's. Decades ago, coal was sorted by size, and under-sized and over-sized pieces of coal were considered unsellable. Outsized coal was then put into onsite storage over a period of decades to create large boundaries of very low-cost coal.
American Resources Corporation is working with the state of Kentucky and the town of Wayland to mine the coal and reclaim the land to benefit the local community. "We support the efforts of Quest Energy and American Resources to extract the coal and reclaim the land to be usable by the city," stated Jerry Fultz, mayor of Wayland, Kentucky. "As a win-win situation, we believe it's an opportune time for both parties to work together to help benefit the city, local community, environment and economy."
American Resources Corporation estimates the Wayland project contains approximately 1 million tons of coal. The company plans to truck the coal to either its Mill Creek Preparation Plant in Letcher County, Kentucky or its Supreme Energy Preparation Plant in Knott County, Kentucky to commercially reprocess the coal.
About American Resources Corporation
American Resources Corporation is engaged in diversified energy services including mining, processing and logistics, with a primary focus on traditional energy sources such as coal and oil and gas. American Resources Corporation plans to expand its business by continuing to develop its currently leased properties and further expanding its processing and logistics business, and through the pursuit of strategic acquisitions.
Mark LaVerghetta, Vice President of Corporate Finance and Communications firstname.lastname@example.org
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SOURCE: American Resources Corporation