The company said late last week that its letter of intent was signed with two unidentified vendors, and is pending satisfactory due diligence.

The acreage contains as many as three coal seams with aggregate thickness of up to five feet. Samples from the property have been analyzed by SGS Laboratories and the met coal has been determined to be medium grade.

There are existing operations adjacent to the property which are extracting from the same seams. Global said the coal is being sold to Walter and ABC coke plants in Birmingham for between $145 per ton and $250/t depending on blend, and current operations are averaging $190/t delivered.

The company said that the vendors are planning a drill program that includes four holes to be drilled next month to determine thickness and quality.

Global Uranium is currently focusing on advanced-stage properties and is particularly interested in metallurgical coal projects. It is investigating other properties in North America as well as Asia in addition to the Alabama project.