HOUSTON, Apr 6, 2004 /PRNewswire-FirstCall via COMTEX/ -- Natural Resource Partners L.P.
(NYSE: NRP) today gave an update on the status of the Pinnacle mine in West
Virginia. The Pinnacle mine has not been in production since August 31, 2003
due to a lightning strike which caused a ventilation disruption in the mine.
Late yesterday, PinnOak Resources, LLC, the operator of the Pinnacle mine,
announced that it has resumed production on a limited basis with one
continuous miner unit. PinnOak expects additional continuous miner units to
begin production gradually over the next few weeks and expects to begin
production from the longwall section of the mine in May. In addition, PinnOak
expects to begin production this month with one miner unit at the Greenridge
area of the Pinnacle property.
"The reopening of the Pinnacle mine is a very positive development for
NRP," said Nick Carter, President and Chief Operating Officer. "As reported
earlier, our guidance for the year does not include any production from the
Pinnacle mine. At this point we do not know what the level of production will
be from the mine for the remainder of the year, and do not have sufficient
information to give updated guidance. PinnOak still has substantial work to
do to bring the mine back to full operating capacity, and we will continue to
monitor the situation."
Natural Resource Partners L.P. is headquartered in Houston, TX, with its
operations headquarters in Huntington, WV. NRP is a master limited
partnership that is principally engaged in the business of owning and managing
coal properties in the three major coal producing regions of the United
States: Appalachia, the Illinois Basin and the Powder River Basin.
For additional information, please contact Kathy Hager at 713-751-7555 or
khager@nrplp.com . Further information about NRP is available on the
partnership's website at http://www.nrplp.com .
This press release may include "forward-looking statements" as defined by
the Securities and Exchange Commission. Such statements include the
anticipated resumption of coal production from the longwall section of the
mine as well as anticipated production from additional continuous miner units
at Pinnacle, the initiation of production at Greenridge, and the issuance of
guidance. All statements, other than statements of historical facts, included
in this press release that address activities, events or developments that the
partnership expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements are based on certain
assumptions made by the partnership based on its experience and perception of
historical trends, current conditions, expected future developments and other
factors it believes are appropriate in the circumstances. Such statements are
subject to a number of assumptions, risks and uncertainties, many of which are
beyond the control of the partnership. These risks include, but are not
limited to, decreases in demand for coal; changes in operating conditions and
costs; production cuts by our lessees; commodity prices; unanticipated
geologic problems; changes in the legislative or regulatory environment and
other factors detailed in Natural Resource Partners' Securities and Exchange
Commission filings. Natural Resource Partners L.P. has no obligation to
publicly update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
SOURCE Natural Resource Partners L.P.
Kathy Hager of Natural Resource Partners L.P., +1-713-751-7555,
or khager@nrplp.com
http://www.nrplp.com