MCoal and ADEM defend permit
MCOAL AND ADEM SUCCESSFULLY DEFEND ISSUANCE OF ROSA MINE NPDES PERMIT
(Vancouver, BC, July 02, 2010) Novadx Ventures Corp. (TSX-V: NDX) (“Novadx”) is pleased to announce that further to its news release of November 26, 2009, its wholly-owned subsidiary MCoal Corporation (“MCoal”) jointly with the Alabama Department of Environmental Management (“ADEM”) have successfully defended ADEM’s issuance of National Pollutant Discharge Elimination System (“NPDES”) Permit No. AL0080080 (the “Permit”).
In an Order issued on June 25, 2010, the Alabama Environmental Management Commission (“AEMC”) has entered a decision in favor of ADEM on all issues, affirming the proper issuance of ADEM’s final permit to MCoal. The Order follows a petition that was filed by the Black Warrior Riverkeeper, Inc and Friends of Locust Fork River, Inc. in which they contested the issuance of the Permit.
Neil MacDonald, President and CEO of Novadx, and CEO of MCoal, commented, “From the onset, we have met or exceeded all legal and environmental requirements pertaining to issuance of the Permit and through proper reclamation work, will also reduce uncontrolled surface discharges from the old mine workings at the Rosa Mine site.” Mr. MacDonald also commented, “Production and sales of coal from the Rosa Mine continue on a daily basis. The high quality of the coal being produced is being very well received by the market and we are in the process of increasing production.”
Novadx also announces that it has closed its shares for debt transaction previously announced on June 2, 2010. Novadx settled $266,000 in outstanding indebtedness through the issuance of 886,667 common shares at a deemed price of $0.30 per share to certain directors, officers and consultants of the Company. All of the shares issued are subject to a hold period of four months and one day from the date of issuance.
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
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Gavin McMillan
(604) 633-2776 ext. 30
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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.