BARRANQUILLA, Colombia, November 18, 2016 /PRNewswire/ -- New Colombia Resources, Inc. (OTC: NEWC) ("New Colombia or the'Company"), a Colombian company listed in the U.S. with premium metallurgical coal properties and medical marijuana operations, has entered into a joint venture to build out metallurgical coal Concession Contract JC3-15231 located in Cucuta, Colombia. This Concession Contract has an approved Work Plan and an environmental license which allows revenue generating production to begin immediately. The San Gregorio Mine has an area of 1050 hectares with estimated reserves of over 40 Million tonnes of high quality metallurgical coal. The mine is equipped with a fenced stockyard secured with surveillance cameras with a 50,000 tonne capacity. The property has a 60 tonne scale with digital systems and fully equipped offices. More than 15 coal mines in production are close by to strengthen any supply requirement. Small scale mining has been done at the San Gregoria Mine, this venture is established to bring the mine to large scale production. The first step to bring the mine to production is to build out housing facilities for workers, a water reclamation system, mobilization of equipment, trucking, and management of personnel. New Colombia Resources and their joint venture partner have identified all the service providers needed to begin an efficient and profitable mining operation. Soaring metallurgical coal prices allow for substantial profits to be realized. A strong U.S. Dollar versus the Colombian Peso (COP), coupled with a low cost of production, makes this a very attractive venture for investors. Metallurgical coal prices have reached a five-year high of over $ 300 per tonne earning coking coal the hottest commodity of 2016, prices started the year at about $ 70 per tonne. The Company plans to produce 15,000 tonnes per month of metallurgical coal in Q1 of 2017, scaling up to 30,000 tonnes per month by year end. The distance from the mine to export terminals in Barranquilla is approximately 400 miles or 12 hours by truck, improvements to the Magdalena River allow the use of barges creating substantial transportation savings. Although their joint venture partner has exiting indications of interest backed by a bank guarantee, they will focus on entering into a new purchase contract at existing benchmark coal prices. More details will be provided in a Form 8K filed with the Securities and Exchange Commission.