First Colombia Gold Corp Updates Market on Coal Operations

Nashville, TN., May 18, 2017 (GLOBE NEWSWIRE) — First Colombia Gold Corp. (OTCPink: FCGD) announced today that they have started the process of leasing equipment and plan to start the reclamation work on their new coal lease in the next thirty to forty-five days.  The Company also provided an update regarding the operating plan and the process to begin operations, which includes an initial phase of reclamation work. 

The coal lease, which is located at 12964 S. Hwy 421 Manchester, Kentucky 40964, will be primarily a surface coal mine operation focusing on the 102 acres already permitted.  The site and operating plan will focus initially on the Haddix Seam which ranges in thickness from 48 inches to 55 inches and will be mined using the area mining method.  This seam has an existing permit in place which includes 813,450 tons of coal. 

Jason Castenir, CEO of First Colombia Gold Corp. stated, “We plan to announce the new leadership that will be overseeing this entire operation within the next week.  We are very confident this team will be very effective in getting this mine up and running. The initial phase is expected to begin in the next 30-45 days and will involve the reclamation work necessary to being full scale operation.  We have already begun the process of securing the equipment necessary to start this work.”

The company also stated that they plan to announce projections and revenue goals within the next week.  Castenir continued, “This is an exciting time as we turn the corner and really focus on sustainable long term coal operations both with this lease.  We also look forward to acquiring additional leases as those opportunities present themselves.”

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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.