SEATTLE, Feb. 27 /PRNewswire-FirstCall/ -- L & L Financial Holdings, Inc. (BULLETIN BOARD: LLFH) ("L & L Financial" or the "Company") today announced that its subsidiary, Kun Ming Coal Company ("KMC"), has started a coal exploration at the Tian-Ri Mine (the "Mine") in Fu Yuan County, northeast region of Yunnan Province of China.
With an exploration permit granted by the Chinese government in October 2007, KMC entered into a Joint Coal Exploration Cooperation Agreement with the current owner of the Tian-Ri Coal Mine in December 2007.
The Mine covers approximately two square miles in Yunnan Province. With adequate financing, beginning in the second half of 2009 the Company expects to produce 300,000 tons of coal in the first year of operation, and 600,000 tons per annum in the subsequent year. With the increasing energy demand in China and current coal prices of approximately US$138 per ton, the Company believes that at a full-operating capacity, the Mine will generate coal with a market value of over US$100 million per annum. According to a feasibility study conducted by a geological engineering firm, the Mine with an estimated reserve of 53 million tons of high grade coal (coking coal), with expected valued at $7.3 billion when using $138 per ton coal price.
"The commencement of the exploration activities at the Mine represents a major step forward in our coal operations in China," said Paul W. Lee, the Company's Chairman. "Our experienced exploration team with high standards is to increase revenue and profit of the Company's coal operations."
For more information, please visit L&L's website at http://www.lnlinvestment.com/, or call Dickson Lee, CPA at (206) 264-8065 at Seattle.
Forward-looking Statement:
This document contains forward-looking information about L & L Financial operating results and business prospects that involve substantial risks and uncertainties. You can identify these statements by the fact that they use words such as "anticipate," "estimate," "expect," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. A list and description of risks, uncertainties, and other matters can be found in our Form 10-KSB for the fiscal year ended April 30, 2007, and in our periodic reports on Forms 10-QSB and 8-K filed with the US Securities and Exchange Commission and available at http://www.sec.gov/.
