North American Gem Inc. Announces LOI to Lease and Operate Coal Preparation and Rail Loading Facility in Knox County, Kentucky

VANCOUVER, BC -- 09/15/09 -- North American Gem Inc. (TSX-V: NAG) (NAG) is pleased to announce the execution of a Letter of Intent (LOI) to enter into an open ended lease with Safeco, Inc. of Corbin, Kentucky, to operate a coal preparation and rail loading facility in Knox County, Kentucky. The 19 acre facility is known in the area as the Cobra Facility (Cobra Tippling Production Plant) and is permitted by Safeco, Inc. under KDNR permit # 861-8012.

The Cobra Facility is located centrally to the area being developed by North American Gem Inc. and will serve as the central operation and distribution point. The facility has equipment in place that is capable of crushing, screening, and washing coal. This will give NAG the ability to service a variety of customers by preparing coal to meet specific requirements and will also give NAG the ability to purchase outside coal and produce custom blended products for increased market potential. Specifically, plans are to service the industrial stoker markets, silicon metals producers, and electricity generators.

The facility is serviced by the CSX railroad and currently has enough rail capacity to accommodate the loading of unit trains (110 railcars) which will allow for more favourable rates from the railroad.

North American Gem Inc. plans to have the coal from the Jellico seam extracted from the North American Gem #1 Mine (formerly referred to as "Bays Hollow" in the September 9th release), of Kentucky State Mining Permit #918-0396, to be the first coal to run through the newly acquired Cobra Facility.

The North American Gem #1 Mine Permit is for the extraction of coal, using auger/highwall mining methods, in the Jellico coal seam which averages a thickness of 91cm (3ft). The permit is complete and ready for transfer pending the posting of a bond. Based on the thickness of the coal seam, auger mining can produce 4,000-6,000 net tons per month with an increase to +20,000 net tons per month if highwall mining techniques are commenced. Production from the North American Gem #1 Mine Permit is expected to last 12-18 months.

Laboratory analysis of samples taken from the proposed mining area on August 26, 2009 and analyzed by SGS North America, Inc. showed a range of 2.27-4.67% ash, 0.79-1.1% sulphur, and 13,656-13,996 btu. Initial offers for the sale of the coal are for USD$58.00/net ton at <> 12,500 btu for up to 30,000 net tons per month beginning immediately. This price is approximately USD$6.00-$8.00/net ton higher than prices quoted earlier in the summer.

The North American Gem #1 Mine operation has the potential to establish North American Gem Inc. as a coal producer with the ability to enter into supply contracts. The supply contracts established by production from the North American Gem #1 Mine Permit are expected to be expanded upon as the Company increases operations in the area. The performance and capabilities of production from the North American Gem #1 Mine Permit will determine the point at which further production from additional leases is commenced. The production rate and mine-life projections have been made without support of a feasibility study, there is no certainty the proposed operations will be economically viable.

Mike Magrum, PEng, a qualified person under National Instrument 43-101, has approved the technical content of this news release.

North American Gem Inc. (TSX-V: NAG) is a Junior Exploration Company based in Western Canada. The Company's primary goal is to explore for Coal in North America, currently the focus is in Saskatchewan, West Virginia, and Kentucky. In addition to Coal exploration, the Company also has interests in Uranium, Copper, Gold, Molybdenum and other base metals in Canada.

On Behalf of the Board of Directors
NORTH AMERICAN GEM INC.
"Charles Desjardins"

Charles Desjardins
President and Director

"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."

Cautionary note:
This report contains forward-looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward-looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.

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China's Mine Explosions

The recent rise in mining disasters is taking a toll on social stability.
HONG KONG -- Two deadly mine accidents recently occurring within 24 hours of each other in China's Henan province have taken 56 lives so far and put 13 local officials and mine owners under investigation. The death toll is expected to rise as hope to rescue the 36 workers trapped in the coal mine is turning dim.

The tragedy has brought a direct challenge to the central government in Beijing as recent rising demand for metals and coal in China has raised the number of mine accidents and casualties, which in turn has elevated social discontent with local officials who have backed illegal mine operations under the protection of the government.
Article Controls
The first mine accident took place early Tuesday morning at Xinhua No. 4 pit in Pingdingshan, a coal city in central Henan province. There were 93 people working in the pit when gas blasted the mine, which was supposed to be in a production halt. Besides the 14 lucky ones who managed to escape, 79 others were trapped in the gas-filled mine. A rescue team organized by the central government has taken 43 dead bodies out of the mine as of Thursday morning, with the remaining 36 miners still trapped underground, according to China Daily. It is unlikely the trapped workers will survive the high levels of carbon monoxide. Further complicating the relief mission, the missing 36 workers were in four different extended zones, a member of the rescue team told China Daily.

About 18 hours after the Pingdingshan explosion, a fire broke out Tuesday night at an underground gold mine in Sanmenxia city, also in Henan Province. Apparently triggered by severed electric wires, the fire killed six of the 12 miners while the other half fled above the ground. Seven out of the eight rescuers sent down to the underground mine were trapped in the fire and lost their lives, Xinhua reported.

The accidents struck a nerve in China's top leaders in Zhonghanhai. Vice-Premier Zhang Dejiang dashed to Pingdingshan immediately on Tuesday with a team of central government officials and investigators dispatched by the Supreme People's Procuratorate.
The Pingdinshan accident was a typical example of how local officials opened the gate for mine owners for illegal explorations. The Xinhua coal pit No. 4 was ordered to stop operations last year amid a government campaign to reform and improve the safety standard of small coal mines. On paper, the state-owned-turned-private coal mine was only allowed to send five workers inside the pit to renovate the ventilation and drainage system, with the supervision of three officials from a local watchdog group. The mining company was not allowed to conduct any production during the renovation period without government permission. However, 93 workers were in the mine during the gas explosion. A large amount of raw coal was also found piled up around the mine after the accident.

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Billionaire Palmer Seeks Hong Kong Listing This Year

Sept. 11 (Bloomberg) -- Clive Palmer, Australia’s fifth- richest man, expects to complete an initial public offering of his Resourcefulness mining group in HongKong by the end of the year to benefit from demand for resources in China.

There is a big need in China for growth for resources,” Palmer said today in a phone interview from Perth. He said he’s still deciding what mining assets the IPO will include, and wouldn’t give a value.
Palmer, planning a A$7.5 billion ($6.5 billion) coal project and an iron ore mine, is seeking to take advantage of surging interest in IPOs in Hong Kong, on target for its busiest month for such shares sales since 2007. He may sell between $2 billion and $3 billion in shares, the South China Morning Post reported today, citing people it didn’t identify.
“It’s still a very, very big lick, it would need a lot of interest from China and Hong Kong to get behind it,” said Peter Arden, a Melbourne-based analyst at Ord Minnett Ltd., an affiliate of JPMorgan Chase & Co. “The window for IPOs is opening.”
Australasian Resources Ltd., 66 percent owned by Palmer, advanced 4.4 percent to 47 cents at the 4:10 p.m. Sydney time close on the Australian stock exchange. The stock has risen 27 percent this year.
Soccer Club
Palmer, chairman of the closely held coal and iron ore company Mineralogy Pty., was the only person in the top-10 of Business Review Weekly Magazine’s annual rich 200 list whose wealth increased last year. Palmer’s fortune more than doubled to A$3.4 billion, according to the list that was published in May. He also owns the Gold Coast United soccer club.
China’s industrial production grew at a faster pace than forecast in August and new lending unexpectedly accelerated, indicating a strengthening recovery in the world’s third-biggest economy. Urban fixed-asset investment for the eight months to Aug. 31 climbed 33 percent, the statistics bureau said today.
“One thing that is clear is the Chinese are planning to move another 350 million people to the cities from rural areas and that is going to increase demand for commodities,” Palmer said.
Resourcehouse may include Queensland coal assets held by Palmer and joint venture partner state-owned China Metallurgical Group Corp., Palmer said. It’s unlikely to include the iron ore operations Palmer controls in Western Australia or the Yabulu nickel refinery he bought from BHP Billiton Ltd. in July.
Talks between Australasian and Chinese partner Shougang Corp. for financing of Palmer’s proposed A$2.7 billion iron ore project in Western Australia had not been successful, Perth- based Australasian said in July.
UBS, Macquarie
Funds from the proposed IPO, being managed by UBS AG and Macquarie Group Ltd., will be used to develop resources, he said.
Waratah Coal Inc., the joint venture that owns the coal projects in Queensland and is chaired by Palmer, signed an agreement in May with China Metallurgical to get funding for up to 70 percent of the project. Waratah will fund the remaining 30 percent, Palmer said then. Mineralogy bought Waratah last year for C$85.8 million ($80 million).
Palmer planned a A$5 billion IPO of his company Resource Development International Ltd., owner of iron ore, steel, nickel and energy assets, in July last year, aiming to be dual listed in Hong Kong and Australia. The proposal was shelved after an unsuccessful exploration campaign, he said today.
“The worry I see is that it’s possibly a bit early and my sense of what he’s trying to do, and it’s not a criticism of him, A$5 billion was a very big ask last time,” said Minnett’s Arden. “That’s where he ran into trouble.”

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B.C. considers proposal for coal mine

The provincial government has been considering proposals for underground coal mines on Vancouver Island.
If approved, the site will be Raven's first new coal mine on Vancouver Island since 1987, when the digging began in Quinsam mine near Campbell River. This project will also form another link between the Asian steel producers and the British Columbia coal resources, which generate international interest even in the global financial crisis.


Compliance expects its Asian partners to bring financial and strategic resources to the table.

"The financing is an appeal," Compliance chief executive officer John Tapics said. "But it's more important that both of these companies are trading companies and have access to international coal markets. And they know coal, as a commodity, quite well."

The Raven mine, expected to cost between $100-million and $150-million to build, would produce primarily metallurgical, or coking, coal for making steel.

According to a project description filed with the province, steel mills in Japan, South Korea and Taiwan would be the main customers for the mine's coking coal. Lower-value thermal coal would go to Asian customers and cement manufacturers in Canada and Washington State.

That means little or no output from the proposed mine would be destined for coal-fired electricity plants. But the Raven proposal still irks those who see a glaring contradiction between the provincial government's green agenda and its support of a resurgent coal sector.

"It is completely inconsistent," said Andrew Weaver, a professor with the University of Victoria's School of Earth and Ocean Sciences. Coal accounts for more greenhouse-gas emissions per unit of energy produced than any other fuel source, he added.

"B.C. essentially sends off a product that produces emissions elsewhere. But it's a dirty product and B.C. gets no penalty. It's like saying, 'I don't have any garbage in my neighbourhood,' but you take all your garbage and dump it in your next-door neighbour's yard."

There is no such contradiction, said Randy Hawes, Minister of State for Mining in B.C.

Coking coal from the Raven project, like output from nearly all of B.C.'s coal mines, would be used to make steel, not for generating electricity, he emphasized. And that steel is an essential ingredient in "green" technology ranging from hybrid cars to wind turbines.

(B.C. essentially ruled out coal-fired electricity in its own backyard with its 2006 Energy Plan, which requires any new coal-fired electricity project to use carbon-capture technology to eliminate greenhouse gas emissions, technology that is not yet commercially viable.)

"We have a considerable amount of coal in B.C., we have a very viable industry mining it, and they mine it in an extremely environmentally correct way," Mr. Hawes said. "The use of the coal in places like China - we know that they are taking steps to clean up their act and that's a gradual process."

Coal is the backbone of the British Columbia mining sector, accounting for $3.2-billion of last year's record $8.4-billion in mining revenues, according to a PricewaterhouseCoopers industry survey.

The Raven mine, which would be next to former mine and exploration sites that date back to the 1800s, would have a projected "mine life" of 20 years and produce about 1.5 million tonnes of coal a year, making it a relatively small operation by B.C. standards. Canada is the world's second-biggest producer (behind Australia) of coking coal.

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Newfield Makes Commercial Discovery in Pearl River Mouth Basin

Newfield has announced its second drilling success on Block 16/05, located in the Pearl River Mouth Basin in China. The LF 7-1 well tested a single zone at 6,000 BOPD (35 degrees API gravity oil), which was the maximum limit of the test equipment on location.



The LF 7-1 well, located in approximately 350 feet of water, was drilled to a total depth of nearly 10,000 feet and encountered more than 75 meters (approximately 250 feet) of high-quality oil pay in multiple sands. The well was drilled to test a downthrown anticline and was an offset to Newfield's 2008 oil discovery - the LF 7-2. Success with the LF 7-1 well set up a deeper oil prospect within the same fault trap, which the Company may test in 2010 through a down-dip sidetrack of the LF 7-1 well.

"Our two successes on Block 16/05 confirm that we have a commercial oil development with considerable running room," said William Schneider, Newfield's Vice President - Onshore Gulf Coast and International. "We estimate that the gross reserves associated with our two discoveries to date are in excess of 30 MMBbls. This development will provide significant new oil production for Newfield beginning in 2012. We are very encouraged by this discovery and its implications for our remaining prospects on this block and we expect an active drilling campaign here over the next several years."
In 2007, Newfield acquired 200 square kilometers of new 3-D seismic data to better assess this structural complex. There are numerous independent untested structures identified on the 3-D survey analogous to this discovery and additional drilling is planned. The LF 7-6 structure, located 15 kilometers to the northeast, is planned for drilling in 2010.
The China National Offshore Oil Corporation (CNOOC) has the right to participate in any development with a 51% interest.
East Belumut Phase II, offshore Malaysia
Newfield also announced plans to accelerate by approximately six months the timing on its "Phase II" development of the East Belumut oil field, located on PM 323 offshore Malaysia. As a result, the Company will invest $18 million (net) to drill three development wells in late 2009 from its existing production platform. An additional $18 million will be invested in early 2010 to drill three additional development wells. It is estimated that the six-well drilling campaign will increase 2010 oil production by an additional 1 MMBbls (net).

Newfield will fund the 2009 portion of this investment within its current capital budget of $1.45 billion. Newfield is the operator of PM 323 with a 60% interest.
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StatoilHydro to Drill New North Sea Well with Ocean Vanguard

StatoilHydro has received consent for exploration drilling in the Norwegian Sea with Diamond Offshore's Ocean Vanguard semisub.
The well is located 7.6 km southeast of 6608/10-4 (Norne), 12.7 km south-southwest of 6608/11-6 (Hauk) and 160 km west-northwest of the island Vega

The well is part of production license 437 and has the following geographical coordinates: N 66 degrees 00' 25,4", E 08 degrees 18' 10.2". The water depth at the site is 387 meters.

Drilling is planned to start in late September 2009. The operation is expected to last for 32 days.

Ocean Vanguard (formerly West Vanguard) is a semisubmersible, third-generation drilling facility of the type Bingo 3000, built in 1982. It is operated by Diamond Offshore which has an operations office in Stavanger, receiving technical and operational support from the company's office in Aberdeen.

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ATP Hits Additional Paydirt at Deepwater Telemark Hub

ATP has discovered additional pay sands at the Mirage Prospect located at Mississippi Canyon Block 941(MC 941) at ATP's deepwater Telemark Hub in the Gulf of Mexico. The MC 941 #3 well, located in approximately 4,000 feet of water, encountered more than 250 feet of logged net oil and gas pay, more than doubling the pre-drill estimates. The 7 5/8 inch casing has been set at 17,089 feet measured depth through the pay intervals


Mirage is one of the three Telemark Hub fields that will be tied back to the ATP Titan to be located at MC 941. ATP has a 100% WI and is the operator of the Telemark Hub.

Commenting on the announcement, ATP Chairman and CEO T. Paul Bulmahn stated, "ATP is exceptionally pleased with these initial results. Not only have we encountered the development sands at greater thicknesses than expected but we have logged other hydrocarbon-bearing sands that were not present in the original wells, beyond even what was discussed and projected at the ATP Titan post-christening breakfast update held on August 27th. These additional pay sands should lead to upgraded production and reserve estimates greater than currently booked in our third party reserve reports, and we were already predicting ATP's Telemark Hub is projected to more than double ATP's production beginning in 2010."
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Aminex Increases Interest in Nyuni Area, Kiliwani North

Aminex has increased its interest in the Nyuni Production Sharing Agreement, Tanzania ("Nyuni") by 10%, including the 40 million cubic feet/day gas discovery at Kiliwani North under an agreement reached with East African Exploration Ltd. ("EAX").



EAX is a joint venture participant in the Nyuni PSA ("Nyuni") in Tanzania and also in the L17 & 17 PSA ("L17 & 18") in Kenya. Aminex holds 25% in L17 & 18 while EAX holds 10% in Nyuni which includes the 2008 40 million cubic feet/day gas discovery at Kiliwani North. The terms of agreement, which has been approved by the governments of both countries, are as follows:

Aminex will transfer its 25% interest in L17 & 18 to EAX.

EAX will transfer its 10% interest in Nyuni to Aminex, increasing Amine's interest in Nyuni from 40% to 50%.

Aminex will make a cash payment to EAX of $1 million.

Aminex values its cumulative investment in Kenya at its historic cost of approximately $700,000 and on the basis that it will recover its costs in Kenya and apply this recovery plus $1 million cash to the purchase of an additional 10% in Nyuni, the consideration for the purchase of this additional interest in Nyuni is $1.7 million.

New seismic has recently been acquired over Songo-Songo Island which will better define the Kiliwani North discovery at Nyuni. There are signs of progress in achieving regulatory consent for the expansion of the gas processing plant on Songo-Songo Island which will open the way for commercial development of Kiliwani North. Reprocessing of existing seismic on other prospects at Nyuni is currently well-advanced.

Commenting on the announcement, Aminex Chairman Brian Hall said, "This agreement not only increases our interest in the discovery we made last year at Kiliwani North by 25% but also consolidates our overall position in Tanzania where we are a well-established operator. In addition to Kiliwani North, other prospects on the Nyuni licence are close to being drill-ready and we believe that this represents sensible portfolio management, exiting Kenya where timing and costs are still uncertain.

"With South Malak-1 in Egypt currently drilling ahead and the Likonde-1 well in the Ruvuma Basin of southern Tanzania now scheduled to be spudded in December 2009, we are looking forward to a period of new activity on our frontier exploration projects in Africa."
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MPN Gets Go-Ahead for North Sea Exploration Drilling

Marathon Petroleum Norge AS (MPN) has been given permission to conduct exploration drilling in the northern North Sea with Songa Dee semisub.


Approval applies to drilling exploration wells 24/9-9 S is part of production license 340. The well has the following geographic coordinates: N 59 degrees 19 '40, 414 ', E 01 degrees 50' 17.110 ". The depth of water at the location is 120 meters.

Drilling is scheduled to begin in September / October 2009. This activity has an estimated period of 36-53 days.

Songa Dee (formerly Stena Dee) is a semisubmersible drilling of the type "Mitsubishi MD-602". That was completed in 1984.
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United States

America (usually referred to as the United States, the United States, the United States, or America) is a federal constitutional republic which is composed of fifty states and the federal district. The country is situated mostly in central North America, where the adjacent 48 states and Washington, DC, the capital district, lie between the Pacific and Atlantic Oceans, bordered by Canada to the north and Mexico to the south. State of Alaska is in the northwest of the continent, with Canada to the east and Russia to the west across the Bering Strait. The state of Hawaii is an archipelago in the mid-Pacific. The country also has several areas, or areas of the island, the Caribbean and the Pacific


At 3.79 million square miles (9.83 million km2) and with about 307 million people, the United States is the third or fourth largest country by total area, and the third largest by land area and population. The United States is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many countries.[7] The U.S. economy is the largest national economy in the world, with an estimated 2008 gross domestic product (GDP) of US $14.3 trillion (23% of the world total based on nominal GDP and almost 21% at purchasing power parity).[4][8]

The nation was founded by thirteen colonies of Great Britain located along the Atlantic seaboard. On July 4, 1776, they issued the Declaration of Independence, which proclaimed their independence from Great Britain and their formation of a cooperative union. The rebellious states defeated Great Britain in the American Revolutionary War, the first successful colonial war of independence.[9] The Philadelphia Convention adopted the current United States Constitution on September 17, 1787; its ratification the following year made the states part of a single republic with a strong central government. The Bill of Rights, comprising ten constitutional amendments guaranteeing many fundamental civil rights and freedoms, was ratified in 1791.

In the 19th century, the United States acquired land from France, Spain, the United Kingdom, Mexico, and Russia, and annexed the Republic of Texas and the Republic of Hawaii. Disputes between the agrarian South and industrial North over states' rights and the expansion of the institution of slavery provoked the American Civil War of the 1860s. The North's victory prevented a permanent split of the country and led to the end of legal slavery in the United States. By the 1870s, the national economy was the world's largest.[10] The Spanish–American War and World War I confirmed the country's status as a military power. In 1945, the United States emerged from World War II as the first country with nuclear weapons, a permanent member of the United Nations Security Council, and a founding member of NATO. The end of the Cold War and the dissolution of the Soviet Union left the United States as the sole superpower. The country accounts for approximately 50% of global military spending and is a leading economic, political and cultural force in the wor

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Industry News: Mine Explosion Kills Dozens in China

Announced three days after one of the most senior Chinese leader said the coal mine safety a top priority for the government, gas explosions in mines without permission in central China killed at least 35 workers and 44 trapped again, the national work safety agency said Tuesday.
The explosion rocked a coal mine in Pingdingshan city in Henan province, about 1 on Tuesday, a city spokesman told the official Chinese news agency Xinhua.
A spokesman said 93 miners were working in the pit when the explosion occurred; 14 of them managed to escape immediately. He also said the mine, known as Xinhua Pit No. 4, has been under repair and not yet cleared to resume operations.
On Saturday, in remarks reported by the news agency at a coal industry conference, deputy prime minister Zhang Dejiang called for numerous improvements in mine safety to prevent, in particular, gas explosions at coal mines.An estimated 80 percent of the 16,000 mines operating in China are illegal, according to the State Administration of Work Safety. Government figures show that about 3,200 people died in mining accidents last year, a 15 percent decrease from 2007.In February, in the country’s deadliest coal mine accident in more than a year, at least 74 people died in a gas explosion, with 114 hospitalized with carbon monoxide poisoning. The blast at the Tunlan Coal Mine in Shanxi Province, the coal mining heartland of China, also occurred just after midnight.In December 2007, a gas explosion in a mine in the city of Linfen, also in Shanxi, killed 105 miners, according to the work safety agency.

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Massey Energy CEO explosion climate bill

The government in the rally industry
The chief executive's biggest coal mine blasted supporters of Massey Energy climate change legislation and environmental issues that affect other coal industry in a free Labor Day concert and the campaign in southern West Virginia.

CEO Don Blankenship said he wanted to show people on the show how the government regulations that hurt the coal industry, raise energy prices and make the country less competitive.

"We hope that through their network that will educate their neighbors and that they all be begging to talk," said Blankenship. "We think that will make a difference."
Richmond, Va.-based Massey, which operates mines in West Virginia, Kentucky and Virginia, is the lead sponsor of the rally, which Blankenship said cost about $1 million to stage.

Organizers had predicted the event, headlined by country star Hank Williams Jr., could draw as many as 100,000 people to a reclaimed Logan County strip mine. An attendance estimate was expected in the afternoon, but the morning crowd appeared to be smaller.

Headlining the event were Fox News personality Sean Hannity and Williams, while rocker Ted Nugent served as master of ceremonies and played briefly.

"Today's the day when the American worker takes back this country," Nugent said.

Some came to support coal mining, while others were more interested in the music.

"This is like the backbone of this area, I mean whether you're a miner or not," said Joe Walters, an electrician who drove an hour from Kentucky.

Miner Dennis Blankenship, no relation to Don Blankenship, drove from southwestern Virginia to show support for mining.

"The industry is being attacked by the Obama administration," said Dennis Blankenship. "We don't mine coal, we don't live."

Hurricane resident Walter Neal came toting signs opposing climate-change legislation because it would increase energy prices and force more U.S. jobs overseas.

"It's cap and tax," Neal said. "What concerns us is China and India further gaining the advantage."

Others were less politically motivated.

Chapmanville resident Roger Dalton said he came mostly for the music. So, too, did Jason Bolling.

"More or less for the coal miners, plus the show," said Bolling, who works at a Massey mine in eastern Kentucky.

For Massey, however, the event was an opportunity for Blankenship to highlight what he calls attacks on American workers.

"Let's send the message to Washington that the politicians have to stop giving our jobs away. If they don't, it's the politicians that need to retrain and relocate," he said.

"We don't need a government that wants to shut down our coal mines. We don't want a government that wants to increase our power bills. ... We don't want a government that is run by people who believe they can change the earth's temperature when they can't balance a budget."

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Goldman Revamp Puts

Washington Post Staff Writer
Wednesday, April 15, 2009; Page A15

December was a disastrous month for Goldman Sachs, producing a loss of $780 million, but you wouldn't know it from looking at the company's bottom line for the last quarter of 2008 -- or the first quarter of 2009.

December fell through the cracks as the big investment-banking firm moved from a fiscal year ending in November to a fiscal year beginning in January. Billions of dollars of write-downs in the value of commercial real estate loans and other assets showed up in neither period.

The result was that Goldman was able to report a first-quarter profit of $1.81 billion Monday, just as it was gearing up to raise $5 billion from investors yesterday through a new stock offering.

The $1.81 billion profit, in turn, helped Lloyd C. Blankfein, Goldman's chairman and chief executive, offer a positive view of the company's performance in a Monday news release.

"Given the difficult market conditions, we are pleased with this quarter's performance," Blankfein said as the company disclosed results for the three-month period that ended March 27. "Our results reflect the strength and diversity of our client franchise, the resilience of our business model and the dedication and focus of our people," he said.
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Goldman spokesman Lucas van Praag said the firm was required to shift to a calendar year as a result of its decision in September to become a bank holding company.

"We didn't make the rules," he said.

The company included a page of charts in its Monday news release showing its December results, but it didn't include a narrative description of those results as it did for the January-through-March period. In a conference call with analysts yesterday, Chief Financial Officer David A. Viniar said the firm incurred $2.7 billion in "fair value losses" in December, meaning losses related to declines in the value of assets it holds. Among those write-downs were $1 billion for "non-investment grade loans," Viniar said, according to a transcript.

Viniar told analysts that the company faced "a difficult market environment" in December.

Michael Williams, director of research at Gradient Analytics, which specializes in examining corporate accounting, said companies have a lot of discretion in deciding when to recognize gains and losses.

"It does seem rather remarkable that they ended up with such a large amount of losses in December itself, just in that four-week period," Williams said. "You're just left scratching your head to a large extent about what's underlying the numbers for the month," he said.

Given the scale of the December losses, and considering that March was so strong for the financial markets, it seems possible that Goldman's first-quarter profit would have been a loss if it were still reporting on the old schedule, Williams said.

The change in Goldman's financial reporting schedule made it more difficult for investors to track the company's performance over time, and it would have been helpful if the firm provided more information, analyst Steve Stelmach of FBR Capital Markets said.

The Goldman spokesman rejected the notion that the firm shifted losses into December. Goldman did not supplement its latest earnings release by showing past results on a comparable basis because its business isn't seasonal "and we didn't think it was material or significant," Van Praag said.

Goldman raised $5 billion yesterday by selling new stock at $123 per share. The firm has said it plans to use the money to repay the government for public funds it received under the Troubled Assets Relief Program.

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