First Colombia Gold Corp. provided a shareholder update regarding the newly acquired coal lease in Clay County Kentucky. The company announced that they have retained Ikerd Natural Resources to assist newly hired Wesley Johnson to oversee on-site operations as well as manage all subcontractors on the job. Ikerd Natural Resources has more than 40 years of coal mining experience and has been both a contractor and owner of coal mines in the past. The company is focused on the Haddix Seam, which ranges in thickness from 48 inches to 55 inches and will be mined using the area mining method. This seam has an existing permit in place which includes 300,000 tons of recoverable coal. The company plans to mine at a rate of 20,000 tons per month and based upon the current market conditions, the company believes that coal will sell in excess of $55 per ton. The initial estimated mining costs for the initial operation are projected to be $40 to $42 per ton, giving First Columbia Gold Corp. at least a $10 per ton margin. This would project to a monthly profit of $200,000.