“Our goal at Boavita is to initiate an exploration program and mining operations that will result both in proven reserves and saleable coal in 2012.” The company expects to enter into a definitive agreement for the purchase of the Boavita mining concession by year end. The concession covers approximately 1,550 hectares (3,830 acres). The acquisition will bring the company’s number of controlled concessions to 10, covering almost 30,000 acres.