FOR: XINERGY LTD.
Xinergy Ltd. Announces Filing of NI 43-101 Technical Report for Straight Creek & Redbird Thermal Reserves Along With 2011 Annual Information FormMAR 30, 2012 - 09:46 ET
KNOXVILLE, TENNESSEE--(Marketwire - March 30, 2012) - Xinergy Ltd., (TSX:XRG) ("Xinergy" or the "Company"), a Central Appalachian coal producer, today announced that it has completed a detailed review of the mineral exploration, development and production activities at Straight Creek, its active Kentucky thermal operations and Red Bird (collectively, the "Property"), the Company's previously announced acquisition adjacent to Straight Creek. The work was conducted under the supervision of Phillip Lucas, P.E., P.L.S., of Summit Engineering Inc., who is a Qualified Person and independent of the Company as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects and is detailed in a NI 43-101 technical report entitled "An Independent National Instrument 43-101 Report Summarising Mineral Exploration, Development and Production Activities of Xinergy Corp. Straight Creek and Red Bird Reserves, Harlan, Leslie, Clay, Knox and Bell Counties, Kentucky" dated March 15, 2012 (the "Technical Report"). The Technical Report indicates that there are approximately 42.9 million proven and probable mineral reserve tons on the Property.
These results supersede the estimated results that were disclosed in a press release dated January 5, 2012 when the acquisition was announced as well as the technical report related to Straight Creek from 2009.
In addition, the Company announced the filing of its Annual Information Form or AIF for the year ended December 31, 2011 to the System for Electronic Analysis and Retrieval or SEDAR.
"Our active exploration and acquisition program has more than doubled the size of our Kentucky thermal operations" stated Bernie Mason, Xinergy's President. The previously announced Red Bird acquisition along with proving up of additional reserves at Straight Creek pushes the Company's total proven and probable reserves to over 114 million tons. As one of the lower cost producers in our region, the incremental reserves subject of this 43-101 position the Company well to participate in a thermal market recovery."
Phillip Lucas, a Qualified Person and the author of the Technical Report, has reviewed and approved the scientific and technical information within this press release.
About Xinergy Ltd.
Headquartered in Knoxville, Tennessee, Xinergy Ltd., through its wholly owned subsidiary Xinergy Corp. and its subsidiaries, is engaged in coal mining in eastern Kentucky, West Virginia and Virginia. Currently, Xinergy sells high quality thermal coal to electric utilities and industrial companies throughout the south- eastern United States as well as metallurgical coal. For more information, please visit www.xinergycorp.com.