APAC Coal updates E. Kalimatan coal activity
Monday, November 3 2008 - 02:48 AM WIB
Corporate
The company subsequently requested a Trading Halt for trading of its shares on 16 July 2008. The halt was called because of the discovery of a trespassing miner on the APAC Coal Concession in East Kalimantan. The halt was necessary to provide a window to assess the situation. It was concluded that the trespasser was in conflict with the law and entered into discussions with the company concerned. The legal status of APAC Coal as the substantial Concession owner was verified.
Before removing the Halt it was discovered that there was an issue concerning the receipt of funds from the initial Public Offering where commitments made by a braking house to transfer funds to APAC Coal were not fulfilled. As a result, the Company was placed in suspension while the situation was resolved. The company was re-instated to Official Quotation following the resolution of the funds transfer dispute.
Exploration Update
A team of Ravensgate geologists visited the company?s concession to undertake a preliminary review of the work required to progress the development of the initial 890 hectares. Their submission was accepted and they were contracted to undertake a programme of work to prepare the plans for the infill drilling for resource quality definition for production planning. Planning for resource extension drilling is included in the work programme.
The site work commenced in October 2008.
APAC Coal is a subsidiary of Singapore listed Magnus Energy Group, has a 30 year Concession to explore for coal over a 68,360 ha parcel of land in East Kalimantan. A JORC compliant resource of 5.1 million tonnes has been identified which is expected to form the basis of an initial mining operation. This resource occurs within a very small area of the Concession (1.3%) with over 90% of the Concession yet to be explored to any significant degree. (end of excerpt)