SANTIAGO, Chile, Sept. 8, 2009 (GLOBE NEWSWIRE) -- Southern Energy Company, Inc. (Pink Sheets:SOCI) (Frankfurt:8CE), a publicly traded resource exploration company, is pleased to announce that the warmer weather associated with the coming of spring in Chile will allow for the commencement of pre-production development at the Lota Bay Coal Recovery Project in Lota Bay, Chile.
At the Lota Bay Coal Recovery Project the better weather is now producing smaller waves in the Bay, which will allow the company to start and finish the final engineering programs on both Lota Bay #1 and Lota Bay #2 Coal Concessions. These programs will comprise a geophysical program over the bottom of the bay to delineate the extent of the coal deposit and a drill program to measure the depth and the layering of the coal, plus supply material for the testing that will decide the final equipment of the coal recovery systems.
With the conclusion of these programs, the company anticipates acquiring the coal recovery and separation equipment quickly to allow the project to commence production.
With the decline in the global economy, the costs of this coal recovery project are now significantly less than anytime in the last 5 years. Since the price of coal is also increasing, the Company expects the profit margin on this project to be better than the original projections indicated.
About Southern Energy Company, Inc.
Southern Energy Company, Inc. is a publicly traded resource exploration company. From 2007 to the present the company has been active in seeking out resource opportunities in North and South America to explore, develop, and produce. The Company is currently focused on the acquisition, exploration and development of coal, gold, copper and silver properties throughout South America. Currently, Southern Energy owns the Catalina Silver and Gold Property northwest of Santiago, Chile, and the two Lota Bay Coal Concessions in Lota, Chile. The Company has entered into a joint venture agreement on the Condoryacu Gold, Copper and Silver Property located in Salta Province, Argentina.
Please visit http://www.southernenergycompany.com for more information.
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Southern Energy Company, Inc. please refer to its Web site at http://www.southernenergycompany.com.