The Cedar Grove mine will be online by the end of 2008 and is expected to produce approximately 1,500 - 2,500 raw tons per day once it enters into full-production mode.
Profitability - Management anticipates being operationally profitable by the end of the 3rd quarter.
Exit from Chapter 11 - Management anticipates moving out of chapter 11 status within the next 90 or so days. This is expected to be facilitated through future payments which will be generated by both operating cash flow and capital from investors, which reportedly have expressed a very high level of interest in Quest as of late.
In Closing:
All eyes will be on Quest in the coming weeks and months with key focus largely being placed on the company's ability to:
1. Reach full production at Pond Creek;
2. Begin fulfilling previously announced coal contracts;
3. Move out of BK;
4. Bring Cedar Grove online;
5. Post an operational profit as well as significant mining revenues; and
6. Attract additional capital at favorable terms.
If the company can execute on these previously outlined strategic initiatives, current levels will seem like a steal in a few months. Judging by the company's recent track record of staying on point with outlined objectives, I'm pretty optimistic that they can meet most, if not all of them.
##########################
PATERSON, N.J., Aug. 1, 2008 (PRIME NEWSWIRE) -- Quest Minerals & Mining Corp. (OTC BB:QMNM.OB - News) (Frankfurt:QMNBF.F - News), a Kentucky based operator of energy and mineral related properties, is very pleased to announce that it has reached the point in their operations where they can now move forward into full production mode.
Everett Hampton, President of Whitestar Mining, LLC., commented, ``We have turned the corner and have run the last three shifts with great success. Until yesterday, we had limited places to cut coal as we were only mining three (3) headings wide. Now that the engineers have finally calculated the proper directional coordinates, we are able to spread our working section out across the full seven (7) headings. Yesterday, we brought our operational status into full production and cut coal for a full eight hours. Having access to the full seven (7) headings allows us to meet our necessary tonnage requirements. The coal yard was so full yesterday, that we almost ran out of room to store it. Running coal is easy, compared to the rehab work we just completed. We are proud of where we are now and the amount of volume we can produce. Our production goals have since been raised up to 1,000 to 1,300 raw tons per shift. Any coal miner would tell you that this is a very good mine now.''
Eugene J. Chiaramonte, Jr., President of Quest Minerals and Mining Corp., stated, ``It appears that Whitestar is more capable than ever. They have managed to break all previous single day production records in just their first day of full production! We are very excited for what the future has in store for this company.''
For more information visit: http://www.outcasttrader.com or http://www.questmining.net.
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.
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.
Contact:
Outcast Communications
Investor Relations:
Keith Reinhardt
858-509-9900, ext. 13
Source: Quest Minerals & Mining -----------
Alles wie immer IMHO! Das ist nur "meine" Meinung und dient nicht als Kauf- oder Verkaufsempfehlung. Jeder handelt auf eigenes Risiko.
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