NOVADX ANNOUNCES CURRENT RESOURCE ESTIMATES ON 14,430 ACRES OF PERMITTED COAL MINE PROJECT Novadx Ventures Corp, President & CEO, Neil MacDonald, reports: (Vancouver, BC
FOR IMMEDIATE RELEASE
NOVADX ANNOUNCES CURRENT RESOURCE ESTIMATES ON 14,430 ACRES OF PERMITTED COAL MINE PROJECT
Novadx Ventures Corp, President & CEO, Neil MacDonald, reports: (Vancouver, BC, June 25, 2010) Novadx Ventures Corp (TSX-V: NDX) (“Novadx”) is pleased to announce that its wholly-owned subsidiary, MCoal Corporation (“MCoal”) and Novadx have received further advice confirming that the resources estimates for the Rex No. 1 Mine reported as a historical estimates in the June 23, 2010 news release, had been combined in an updated 2009 report (the “Gress Report”) and therefore can be reported as a current resource estimate. As previously disclosed, in Novadx’s news release dated June 23, 2010, MCoal has entered into a Letter of Intent to acquire the Rex No. 1 Mine from Tiacme LLC.
MCoal has engaged Gress Engineering Corp. to prepare a technical report that defines the Rex No. 1 Mine current resource estimates of 32.20 million tons measured and indicated, and 27.64 million tons of inferred “Rex” coal, in accordance with National Instrument 43-101, "Standards of Disclosure for Mineral Deposits" ("NI 43-101") which Novadx intends to file with the regulatory authorities within 45 days of the date of the June 23, 2010 news release.
About MCoal: MCoal Corporation is a wholly-owned subsidiary of Novadx Ventures Corp. and operates the Rosa Coal Mine. The Rosa Mine is a metallurgical coal mine located in Northern Alabama, approximately 40 miles north of the City of Birmingham. In addition to operating the Rosa Mine, MCoal is actively evaluating a number of high quality coal acquisition opportunities in the Appalachian coal region to increase its reserves and production.
About Novadx: Novadx is a Vancouver-based Investment Company whose primary focus is on providing merchant banking services to natural resource companies. Novadx structures and makes direct equity investments as a principal and provides management and other related services to companies in specific resource sectors, such as MCoal Corporation, a subsidiary company that has commenced production from the Rosa mine a metallurgical coal mine in the State of Alabama, USA. For more information please visit www.novadx.com.
ON BEHALF OF THE BOARD Neil MacDonald President and CEO and Director
For more information about Novadx Ventures Corp. please contact:
Neil MacDonald (604) 633-2776 ext 23 [email protected]
Gavin McMillan (604) 633-2776 ext. 30 [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the qualification under the securities laws of such jurisdiction.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The company cautions readers that forward-looking statements, including without limitation those relating to the company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.