DENVER, CO — (Marketwire) — 07/26/11 — American Power Corp. (OTCBB: AMPW) (“American Power” or “the Company”) is pleased to provide an operational progress update on its Pace Coal Project located near the town of Stanford, Judith Basin County, Montana.
On May 12, 2011, American Power announced the approval of the Notice of Intent to Prospect by the Coal and Uranium Program of the Montana Department of Environmental Quality (“Montana DEQ”). Soon after, the Company located and staked 61 drill hole locations and their associated access routes. On June 27, 2011, after mapping the drill holes and gathering all the required data, the Company submitted a prospecting permit application to the Montana DEQ. After one round of revisions, the Montana DEQ issued a Completeness and Preliminarily Acceptable Determination on July 11, 2011, indicating that American Power–s application for a prospecting permit was administratively complete and preliminarily acceptable.
On July 14, 2011, American Power published a Public Notice in the Judith Basin Press newspaper, which led to a 10-day comment period that expired on July 25, 2011. Currently, the Montana DEQ is conducting a technical review and preparing an environmental assessment of our exploration program, ahead of its final decision on our prospecting permit application.
“American Power continues to make steady progress toward the development of its Pace Coal Project in Judith Basin County, Montana. We are committed to exploring the property with a view at placing a significant portion of the coal in the exploration area in the proven and probable reserve classification,” commented Mr. Al Valencia, CEO of American Power. “We expect a final decision on the prospecting permit application within the next few weeks and we are readying our technical team to start operations as soon as the permit is issued,” added Mr. Valencia.
American Power Corp. is a publicly traded, dynamic energy company based in Denver, Colorado. The Company was established with the focus of acquiring near-term, large-scale coal projects in close proximity to national transportation links. American Power envisions developing its large coal resources to support electricity generation.
In April 2010, American Power agreed to acquire the coal and mineral rights on roughly 29,000 acres in Judith Basin County, Montana, which make up the Pace Coal Project. The estimated resources in place, based on exploration work conducted by Mobil Oil Co. (now ExxonMobil Corp.), according to several independent studies, range from 172 million up to 410+ million tons of high volatility bituminous B coal.
American Power is a member of the Montana Mining Association. American Power trades on the NASD OTC BB under ticker symbol AMPW. Shareholders are invited to contact investor relations toll free at (800) 537-1110 for further information or visit the Company–s website at .
Statements in this news release that are not historical facts are forward-looking statements that are subject to risks and uncertainties. Forward-looking statements in this news release include that American Power Corp.–s 29,000-acre leases in Judith Basin County, Montana, have high volatile bituminous B coal in the range of 172 and 410+ million tons. Readers should also refer to the risk disclosures outlined in the Company–s quarterly reports on Form 10-QSB, annual reports on Form 10-KSB, and the Company–s other disclosure documents filed from time-to-time with the Securities and Exchange Commission available at
The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this document that SEC–s guidelines may prohibit us from including in filings with the SEC.
American Power Corp.
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