The Haig Colliery was closed in 1986 and tons of coking coal had been extracted since it commenced opeation.
West Cumbria Mining is investigating an area of around 200km² where it believes there is more than 750 million ton of coking coal which is used in the steel making industry.
The company has raised £14.7m to fund the first stage of a project.
West Cumbria Mining CEO Mark Kirkbride said: "The UK is currently a substantial net importer of coking coal for industrial use, the majority of which is sourced from Australia and the USA."
"It therefore makes economic sense to source available coking coal on our own shores if sufficient amounts can be accessed and mined economically," Kirkbride added.
The company will discuss the plans with local authorities and organisations.
Initial plans include onshore drilling and data reprocessing later this year to provide more details about the coal and an offshore drilling program will be carried out in 2015.
