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| 8-K - CURRENT REPORT - MMEX Resources Corp | v210199_8-k.htm |
Exhibit
99.1
Management
Energy, Inc. Announces New South American Mining Focus
Company
Positioned for Significant Met Coal and Other Mining Opportunities
in
South
America
DALLAS, February 7, 2011 –
Management Energy, Inc. (OTC:
MMEX.OB) announced today the signing and initial funding of an exclusive
option agreement for its metallurgical coal-mining venture in
Colombia. This positions the Company for meaningful
opportunities within the metallurgical coal export business in
Colombia.
In
conjunction with this agreement, Jack Hanks, the Chairman and Chief Executive
Officer of Management Energy, Inc, announced a new direction for the Company and
additions to its management team to implement its South America
focus.
Said
Hanks, “We are very excited to announce a new direction for the
Company. We are positioning MMEX as an early mover in developing
mining assets in the explosive South America commodity export market for Asia
and India. We are starting with the metallurgical coal export market
in Colombia with our option agreement to acquire a 50% interest in a mining
company in Boyacá Province. We are also in early stage discussions to
involve the Company in infrastructure development opportunities such as
consolidation and transportation of met coal to the Pacific and Caribbean ports
of Colombia. This combines with our early stage discussions to
acquire metallic mining assets in Peru, which include iron ore, zinc and copper
opportunities.
In
emphasizing the new business plan, Hanks said “ The new business plan
is for Management Energy to acquire mining assets primarily in Colombia and Peru
and to migrate the listing of MMEX to the Toronto Venture Exchange and
concurrently a dual listing in the now-integrated Colombia-Peru
exchanges. We believe that this will give our shareholders the best
opportunity to recognize increased shareholder value through dual trading
liquidity in the most active and progressive mining-friendly exchanges in the
World. In addition, these dual listings will greatly enhance our ability to
raise capital for investment, with broad representation across markets in the
U.S., Canada, Colombia and Peru.”
To
complement this move to South America, the Company has sold its Snider Ranch,
Montana thermal coal property in December, 2010 and is negotiating the sale of
its Carpenter Creek, Montana thermal coal assets, which Hanks says is on track
to close before March 1, 2011. The Company still maintains its non-operating
royalty and net profits interests in the Bridger-Fromberg-Bear Creek area coal
assets in Montana.
In
Colombia, the metallurgical coal mine in which the Company expects to acquire a
50% interest is estimated to contain high quality metallurgical coal potential
resources ranging from 16 million tons to 90 million tons; it is permitted and
currently under small scale production. Hanks says that
the first order of business is to define the resources and reserves and that the
Company has retained Norwest Corporation, a premier coal reserve consultancy, to
undertake the analysis including the design of the drilling program to prove up
reserves. Hanks commented on the positive elements of this acquisition: “ This
transaction has several key elements for the Company, first, we have joined with
key local partners that have vast knowledge of this traditional metallurgical
coal mining area of Colombia, which can lead us to additional asset
acquisitions; second, the mine is permitted and third, the mine is currently
producing coal. Upon acquisition of our 50% interest, we will
have current cash flow, with the ability to substantially increase
production along with a potentially significant upside in the ultimate
recoverable reserves. We believe these attributes could increase the valuation
of the Company significantly.”
Management
Energy Additions to the Management Team.
The
Company also announced additions to its Management Team that includes Nabil
Katabi, MMEX Advisory Board and Pablo Avendano Barrera MMEX Vice
President Finance, adding to the Company’s management long standing experience
in South America.
Nabil
Katabi, MMEX Advisory Board
Mr.
Katabi currently serves as Manager Project Development of Maple
Energy, plc. Mr. Katabi joined Maple Resources (Dallas) in 1996, a
predecessor company to MMEX. He was appointed Manager of Project Development in
1998 for the Maple Companies in Peru. His primary responsibility has been the
development of new projects, such as the Ethanol Project for Maple Peru, now
Maple Energy plc. . Prior to joining Maple, Mr. Katabi was with Banque Indosuez
in Copenhagen, Denmark, as a financial analyst in charge of the placement of
international securities. Mr. Katabi graduated with a Masters in Business
Administration from Columbia University (1995) and holds a DEA (Diplôme d’Etudes
Avancées) in political science from the Sorbonne University in Paris (1997). He
also has a Diplôme de Commerce in International Business & Finance from the
Ecole Supérieure de Commerce de Paris (1991).
Pablo
Avendano Barrera, MMEX Vice President- Finance
Mr.
Avendano has worked with private equity financing in energy, commodities,
trading and infrastructure for over 15 years. He recently joined MMEX
from the Peruvian company Energy Capital SAFI, where he served as CEO. From 2007
to 2009, Mr. Avendano served as a business development officer for the Public
Sector Pension Fund Investment Board of Canada focused on investment in the BRIC
countries, Asia and Latin America. From 1999 to 2006, he served in
various capacities with BNP Parabas as an investment and risk manager in Canada,
Peru and the head office in Paris, managing portfolios ranging from mid-cap
companies to investments in the billion dollar ranges. Prior to this, Mr.
Avendano was Corporate Finance Manager for C&I BNP Panama. Mr.
Barrera has an undergraduate degree from University of Paris Dauphine (1992), a
Masters in Business Administration from Lyons Graduate School of Business (1993)
and holds a DEA (Diplôme d’Etudes Avancées) in Emerging Markets’ Economics from
the Sorbonne University in Paris (1994).
About
Management Energy, Inc.
Management
Energy, Inc. is an exploration stage company engaged in the acquisition and
development of coal and other mining assets in South America. The
Company searches for commercially viable coal and mineral deposits through its
properties that are currently owned or through
acquisitions. Management Energy, Inc. is publicly traded on the OTC
market under the ticker symbol “MMEX” and is headquartered in Dallas, Texas
USA. For more information please visit www.mmexenergy.com.
This
document may contain "forward-looking" statements as defined in the Private
Securities Litigation Reform Act of 1995. When the Company uses words such as
"may," "will," "intend," "should," "believe," "expect," "anticipate," "project,"
"estimate" or similar expressions, it is making forward-looking statements.
Forward-looking statements reflect current plans and expectations and are based
on information currently available. They are not guarantees of future
performance and involve risks and uncertainties, including those discussed in
the Company's reports filed from time to time with the Securities and Exchange
Commission. The Company assumes no obligation to update or revise any
forward-looking statements or to update the reasons why actual results could
differ from those projected in any forward-looking statements.
Investor
and Media Contact
Ms. Katie
Roux
Management
Energy, Inc
T:
+1.214.880.0400
kroux@maplecos.com