NEW YORK, NY -- (Marketwire) -- 02/08/12 -- TurkPower Corporation (OTCBB: TRKP) (the 'Company') announced today that title transfer of 180,000mt of high-grade coking coal into its wholly owned subsidiary Sibcoal Commodities Trading Corporation was perfected. The Company hopes to sell this entire inventory of 180,000mt of coking coal at FOB spot price within Q1 of 2012.
TurkPower's Chairman Ryan E. Hart commented: 'The Company is also in the process of completing title transfer of the recently acquired Zavyalov coal field with over 100 million tonnes of forecasted extractable quantity of coal and is confident to announce the transfer of title shortly.'
The Zavyalov Square of the Toguchino Coal Field ('Zavyalov') located in the Toguchino District of Novosibirsk Region, Russia. Zavyalov decrees over 100M tonnes of forecasted extractable quantity of high-grade hard coking coal. Coal at Zavyalov is typically humic with relative low moisture (max 6%), volatile matters (avg. 20%) and GCV of 7990 - 8680 Kcal/kg. The grades of coal are fit for processing into metallurgical coking coal, which is in perpetual short supply and which trades at a high premium to 'regular' coal.
About TurkPower Corporation
TurkPower Corporation (OTCBB: TRKP) is an American junior mining company in the process of acquiring 100% ownership of the Zavyalov Square of the Toguchino Coal Field, a privately owned coal field in Russia. TurkPower also owns a minority interest in an operational iron ore mine in Turkey. TurkPower is currently in the process of evaluating its options and defining its strategy regarding its asset in Turkey, and intends to inform its investors in the near future.
Certain statements in this news release are forward-looking statements. Words such as 'expects,' 'intends,' 'plans,' 'proposes,' 'may,' 'could,' 'should,' 'anticipates,' 'estimates,' 'likely,' 'possible,' 'potential,' 'believes' and words of similar import may identify forward-looking statements. Such statements are based on management's current expectations, estimates and projections about the companies' businesses, are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict. Actual results could vary materially from the description contained herein due to many factors beyond the control of either of the companies, including, but not limited to, the successful completion of the merger; the combined company's ability to raise the required additional capital to develop its mining assets and to identify other acquisition and/or joint venture opportunities in the mining sector, and to establish the technical and managerial infrastructure necessary to take advantage of, and successfully participate in, such opportunities; future economic conditions; demand for manganese and other minerals or metals the company may seek to extract; political stability; and changes in governmental regulations. Additional information on risks and other factors that may affect the business and financial results of TurkPower and the combined company can be found in filings of TurkPower with the U.S. Securities and Exchange Commission.
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