Vancouver, Canada-based investment company Novadx Ventures Corp. has recently announced that its wholly-owned subsidiary MCoal Corporation has entered into an option agreement with Chattanooga, Tennessee, US-based Miami Land Company to acquire mineral deeds for the Dade prospect in Georgia, US.
The option agreement represents an estimated 172 million mt, 75 square kilometer coal prospect with four coal beds in the historical coal mining district adjacent to Nickajack Gulch in Dade County, Georgia, US. The coal beds with low and mid-volatile matter, high-quality coking coal could be potentially mined via both surface and underground mining methods, the company said.
Pursuant to the terms of the option agreement, MCoal has purchased for the sum of US$75,000 the exclusive and irrevocable option to acquire, for a total sum of US$2.1 million, the deeds for the Dade prospect up to or before January 25, 2012. During this period, MCoal will have the right to conduct exploration in the area.