It is reported that Reading Anthracite Co board has approved the lease option agreement with Atlantic Coal over the fully permitted 410 acre Pott & Bannon anthracite mining property in Pennsylvania.

Atlantic Coal says that as a result, the USD 250,000 payment made to RAC in order to secure entry into the lease option has been released unconditionally.

Atlantic Coal also said that as part of the due diligence process, it has appointed John T. Boyd & Co to confirm the resource information provided to the company.

(Sourced from StockMarketWire.com)