PATERSON, N.J, April 8, 2008 (PRIME NEWSWIRE) -- Quest Minerals & Mining Corp. (OTCBB:QMNM) (Frankfurt:QMNB), a Kentucky based operator of energy and mineral related properties, announced today that a group in New Delhi, India has made a contingent offer to purchase up to 150,000 tons per month of metallurgical coal from the company at $114 per ton.
The company's Lower Cedar Grove mine, held under its wholly owned subsidiary, Gwenco, Inc., has over 3.7 million tons of coal reserves with certain metallurgical characteristics.
Eugene J. Chiaramonte, Jr., President of Quest Minerals & Mining Corp., stated, "Of course, our discussions are preliminary. They will have to conduct independent sample studies to confirm that the metallurgical qualities within our coal meet their standards. However, the opportunity is real."
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 and 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.