SULLIVAN, Ind., March 06, 2013 /PRNewswire/ -- VHGI Holdings, Inc. (OTCQB: VHGI) is pleased to announce the following update for the Lily Group Inc. Landree Mine Phase 1 Project.
Work at the Landree Mine located in Greene County, Indiana, is primarily focused on the continuous underground development toward the first panel. Improvements and upgrades are being made to the underground equipment that will increase the mechanical availability and improve production rates. Surface upgrades and improvements to the plant, load out and overland belts will increase plant throughput, increase plant yield and automate some functions that were typically labor intensive.
"With our funding in place we have accelerated the pace of development with the hiring of additional personnel, bringing our total work force to 66 employees," said Rick Risinger, CEO of VHGI Holdings. "This will allow us to start shipping coal in March ahead of our original production timeline," continued Risinger.
" Dave Smith, Mine Superintendent, and the Landree Mine team have done an exceptional job the past two weeks working diligently to complete a lot of the improvements necessary to start producing, processing and shipping coal. Their efforts should allow us to ship our first scheduled train to IP&L on March 26, 2013," said Ron Hutchcraft, President of VHGI Coal. "Our goal is to be mining in the first panel by the end of the month, which will provide us the best opportunity to achieve higher production rates, lower operating costs and increased revenue," concluded Hutchcraft.Lily Group Inc. is contracted to produce and ship a minimum of 180,000 tons at a contract price of $61 per ton to Indianapolis Power and Light for 2013. About VHGI Holdings, Inc.VHGI Holdings, Inc. (OTCQB: VHGI) ( www.lilygroup.com ) is a diversified company with assets and interests focusing on opportunities within Precious Metal Mining and Coal Mining Industry. VHGI Holdings is actively pursuing new opportunities within these industries to maximize shareholder return. VHGI Holdings, Inc. Safe Harbor StatementThe statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events. Contact: Jim Bender812-268-5459 SOURCE VHGI Holdings, Inc.
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