don't be fooled!

This company will never be a serious,professional business, able to atract big investors as long as they deliver this:

May 9, 2011
Continental Coal (ASX: CCC) has finalised the sale of its shareholding in Vanadium and Magnetite Exploration and Development Co (SA) (Pty) Limited (Vanmag), resulting in net proceeds of US$10 million to be received by the company.

The settlement of the transaction will allow Continental to pursue its strategic goal of investing in highly prospective coal resources in South Africa, capitalising on robust domestic and global demand for coal.

Continental said it has received irrevocable bank guarantees from the purchasers’ South African bank as security for the obligation of the purchaser to pay the acquisition price, as a condition of the sale of its shares in Vanmag.

The irrevocable bank guarantees are held by Continental's lawyers in South Africa.
South African Department of Mineral Resources (DMR) for the acquisition and the transfer of the interest which is expected in the next 6-8 weeks.

Continental currently has two operating mines, Vlakvarkfontein and Ferreira, producing 2 million tonnes per annum (Mtpa) of thermal coal for the export and domestic markets.

In 2011 Continental is set to commence development of two further thermal coal mines. Continental is targeting a ROM production rate of 7Mtpa by the end of 2012.

- where is the money?
- 7Mtpa by the end of 2012?????????????????