Nashville, TN, June 30, 2017 (GLOBE NEWSWIRE) -- First Colombia Gold Corp. announced today that it has raised the first phase of capital to devote to its coal mining project. This capital will be utilized to begin mobilizing equipment and to start the first phase of reclamation work on the Company’s newly acquired lease in Clay County Kentucky.
Additionally, after retaining Ikerd Natural Resources to lead the operations for the Clay County lease, the Company has announced that Wes Johnson, who is currently running the coal division, will be taking over as CEO of First Columbia Gold Corp., as the Company shifts to a full focus on coal. Jason Castenir, the previous CEO will be taking a consulting role and continuing to assist the Company with the shift from the fuel sector to the mining sector.
"We are excited to finally move from planning and preparation toward implementation of our project", stated outgoing CEO Jason Castenir. "Our goal is for this to snowball and as we devote more resources to the coal mining, the projects can grow."
“I am excited, just very excited to have the opportunity to lead First Columbia in this new direction within the coal industry and I am really grateful to be a part of this team. We have been in the process for the past two months of assembling the best and most capable team within the coal industry to make sure we are operating effectively and for a profit,” stated Mr. Johnson. Mr. Johnson continued, “Mr. Castenir has been terrific to work with and I am excited to continue to work with him and the entire team to move this project forward.”
Mr. Castenir commented, “When we committed to this path back in April I knew that my limited experience within the mining and coal industries was going to be something we had to overcome in order for this to be a profitable venture. We as a team just felt like the timing was right to move someone into the executive position that had more experience and could ensure profitability in the long term. I couldn’t be more thrilled for the Company and the shareholders. We are finally ready to start this project. I am thankful I can still play a role and continue to do my part to make this company a success.”
The Company will be providing an update on timing and forecast production benchmarks by the end of July. This will allow the Company to have the next thirty days on the ground to really see how quickly the reclamation process is going and determine the next steps as it pertains to extraction and logistics for production.
Investor Inquiries:
Website: www.FCGDcorp.com
Email: info@firstcolombiagoldcorp.com
Facebook: http://www.facebook.com/FirstColombiaGold
Twitter: http://www.twitter.com/FCGDCorp
Disclaimer
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.