All holes hit coal, says Pan Asia

By Ruli Setiawan

Australia-listed firm Pan Asia Corporation Ltd announced that the first 6 holes of the current phase 4 drilling program in its TCM Project concession have been completed ahead of schedule and have all intersected the target coal seams as expected.

It said that five of these holes have been geophysically logged with the results of the sixth hole expected within a week.

?The TCM Project continues to generate good results. This augers well for a strong development deal to be done with one of the many interested parties," Pan Asia CEO Alan Hopkins said in the statement.

It said that geological interpretation of the intersected coal by the Pan Asia and Kopex geological team conform to the known coal formation and coal quality is expected to be in line with all quality data obtained from all the drilling in the south to date.

It said that the remaining 3 holes to be drilled are expected to be completed in mid-July.

Editing by Adianto P. Simamora