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MT coal tract would likely need underground mine

Story Created: Sep 3, 2010 at 6:00 PM MST

Story Updated: Sep 5, 2010 at 5:00 AM MST

BILLINGS, Mont. (AP) — The chief executive of a Denver company that bought a large Montana coal tract says any development of the reserve would likely involve an underground mine and require a rail spur.

Investment banker Al Valencia said Friday that he was named CEO of newly formed American Power Corp. on Aug. 1.

He says the company will spend the next year determining the mining potential for its 29,000 acres of mineral rights in Judith Basin County. The reserve is estimated to hold from 170 million to more than 410 million tons of coal.

American Power's stock is trading over-the-counter under the ticker symbol TGMP — short for Teen Glow Makeup, Inc.

Valencia says his company acquired a defunct cosmetics maker to get a ticker symbol quickly but never changed it.

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