On Wednesday November 2, 2011, Shares of MMEX MINING CORP (OTC:MMEX) soared 107% to $0.29 after the company stated funding of more progress payments on Colombia Met Coal Project thereby advancing its Colombia metallurgical coal mining business plan.
Headquartered in Dallas, Texas USA, MMEX Mining Corporation is an exploration stage company focused in the acquisition and development of coal and other mining assets in South America.
It was stated in an announcement made by Jack Hanks, Chairman and Chief Executive Officer of MMEX, that MMEX has achieved additional noteworthy progress payments on September 15, 2011 and October 31, 2011 to procure 50% interest in its first metallurgical mine project in Colombia.
He further expressed the company’s contentment over the progress of their investment profile in their first metallurgical mine project in Colombia. In connection to which, they have made significant progress payments in September and October. The gathered funds are being invested in their drilling program to mobilize their estimated tons into higher qualified categories and to promote their permit applications from currently producing small mine plan permits to large scale mine plans incorporating all three of the mine concessions.
As per the Norwest Technical report as on April ,2011, test conducted by Norwest Corporation, an U.S based coal consultancy, to assess the potential coal tonnage of the three mining titles, it revealed approximately 45-50 million tons of high quality, medium volatility met coal in place.
The company is anticipating the approval of the additional permitting by the fourth quarter of this year and the drilling to be completed by 1Q12.
More than 29K shares have traded hands, compared to its average volume of 2K shares.
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