RSM Has Acquired a 100% Interest in a Coal Project in Eastern Kentuckyadmin
Royal Standard Minerals Inc., RSM has acquired a 100% interest in a surface mine coal project in Wolfe County, Kentucky. This transaction closed on July 28, 2008. The transaction cost was $431,000 to include $250,000 to acquire the project and $181,000 reclamation bond to cover the state of Kentucky reclamation requirements for this property. The property consists of approximately 1,000 acres of coal mineral rights under lease to include an equivalent 7% royalty on produced coal product.
The Company is pleased to announce that the Board of Directors have appointed a new Director to the board, and has filled management positions to include the position of Chief Financial Officer and Treasurer effective July 21, 2008. The appointment of Mr. Joseph Cornwell as a new Director to the Board of Directors is expected to be confirmed at the next annual meeting bringing the total number of directors to six. We are very happy to have Mr. Cornwell on the board as his background in the financial community will add a new dimension to the Company’s exposure to contacts that can assist the with future financings and will serve to accelerate corporate growth. Joe has been in the stock brokerage business early in his career and later has operated a successful consulting firm that targets small and medium capitalization companies by providing assistance with strategic financial and other support that will help promote growth.
Mr. Leon Walker has agreed to come on as the Chief Financial Officer (CFO). Mr. Walker is a CPA and partner with a Washington, DC based accounting firm. He has more than 40 years of accounting and business related background previously as a CFO. Leon will act as RSM’s CFO effective July 21, 2008. The Board of Directors are pleased that Mr. Walker has agreed to fill this very important position within RSM.
Mr. James Dunlop has agreed to come on as Treasurer of the Company. Mr. Dunlop is currently and has been a director of RSM for the past several years. He has agreed to add the position of Treasurer to his position as director.
RSM is an exploration and development company with interests in coal and precious metals in the United States.
Contacts: Royal Standard Minerals Inc. Roland Larsen 804-580-8107
Source: Royal Standard Minerals Inc.