Global Earth Energy Inc. Enters Into Coal Mining Joint Venture Worth Approximately $500 Million Over the Next 5 Years
February 10 2011 - 9:38AM
Marketwired
Global Earth Energy Inc. (OTCBB: GLER) announced today it has
entered into a joint venture partnership with GFC 2005 LLC, a coal
mining concern with offices in Orion, Michigan. The deal involves
the mining and sale of 1,000,000 tons of coal per year for the next
five years at a per tonnage price of approximately $100.00 per ton.
The joint venture will be on a 70/30% split between GFC and GLER
respectively. The total gross revenues are worth approximately $500
million over the next five years giving GLER a gross revenue stream
of approximately $150 million. Furthermore, GFC has a purchase
order in place with Wins International Company Ltd., of South Korea
for the purchase of 5 million tons of coal as of January 25, 2011.
GFC and GLER have entered into this agreement based on the
synergies between the two firms that is based on the financial
model created by GLER and LifeCycle international involving asset
backed securities involving the LB TIM deal.
Site Location
Alchemy Engineering Associates, Inc. a
Mining & Civil Engineering Consultant in Kentucky has estimated
the coal mine has over 5 million tons of coal. The project area is
located within the Buzzard Branch watershed, near the mining
community of Algoma, in McDowell County, West Virginia. This
watershed has been extensively deep and surface-mined, with mining
having occurred since the beginning of the 20th century. The
primary coal seam(s) mined were the Pocahontas 3 & 4 seams,
which were historically used as coking coals.
GLER release of information
The coal purchase order in full from Wins International will be
posted on the GLER website along with the supporting documentation
from Alchemy Engineering associates. Resumes of the GFC management
team will also be posted.
In addition, GLER will also repost the executed MOU with LB TIM
concerning the purchase of the Preferred Class A shares for the
amount of $100 Million dollars.
Management
GLER will also be bring on a new board of advisors to the firm
with leading experts in the fields of coal, green energy, money
management and life settlements to better assist the company in its
future endeavors.
About GFC 2005 LLC
In 2005, Mr. Van Gamper registered GFC 2005, LLC to complete the
private property purchase of the Waste coal sites. Mr. Van Gamper's
coal projects include transactions with and/or ownership in the
Freeman Energy Corporation and affiliates, General Dynamics
Corporation, Mon View Mathies Site, Roxanne Energy, Razor Coal
Mine, and other various sites in West Virginia.
Along with his business interest in the coal industry, Mr. Van
Gamper currently serves as the CFO of W.A.I.T.T Development and is
the managing partner of Van Graham & Associates LLC.
About Global Earth Energy Inc.
Global Earth Energy Inc. provides renewable energy solutions. In
addition, the Company is pursuing joint venture agreements with
green solution providers worldwide.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This news release may contain forward-looking
information within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, including statements that include the words
"believes," "expects," "anticipates" or similar expressions. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to differ materially
from those expressed or implied by such forward-looking statements.
Certain risks are detailed in the Company's Form 10-K and other
periodic filings with the Securities Exchange Commission at
www.sec.gov. This news release speaks as of the date first set
forth above and the Company assumes no responsibility to update the
information included herein for events occurring after the date
hereof.
Contact: Sydney A. Harland CEO Global Earth Energy Tel:
910-270-7749 www.globalearthenergy.com