US listed Denarii Resources Inc announced April 26 that it is in the final stages of completing a professionally engineered, detailed schedule to begin development of its joint venture with Southern Energy Co Inc for the Lota Bay Chile coal reclamation project.

Denarii said that in addition, management recently completed a proposal to obtain a private placement that will assist in expediting the project timetable. That will allow the engineers to compile their reports, which can lead to an earlier production schedule. The private placement funds also will be used to complete initial agreements to acquire a number of near- or in-production metals properties in North, Central and South America.

Mr Dennis Lorrig president & CEO of Denarii said that "We at Denarii are very excited about the company's opportunity to soon begin a cash flow operation in Chile. The recent increase in the price of coal makes the timing perfect." Previous owners of the initial Lota Bay Coal Concession had completed extensive development work and calculated recoverable drilled reserves of 275,000 tonnes and a further estimated probable reserve of 90,000 tonnes, Denarii noted. This is coal that fell into the bay over the years as coal vessels were loaded and would now be dredged up and sold.”

(Sourced from SNL Interactive)