Cokal updates C. Kalimantan coal project
Friday, July 29 2011 - 06:43 AM WIB
Additional 10% of PT Bumi Barito Mineral (BBM) & Borneo Bara Prima (BBP) Projects Procured
An arrangement has been entered into to acquire a further 10% of both BBM & BBP projects.
The price is broadly in line with the original purchase and the company has sufficient funds to complete the transaction following regulatory approvals and appropriate due diligence.
Exploration
Drilling continued in the BBM project in Central Kalimantan during the June 2011 quarter. Additional drilling rigs have commenced in BBM during this quarter to focus on areas where high quality metallurgical can be defined for early mining potential.
This drilling continues on from the mapping and initial single drill work undertaken previously.
Coal quality results were released during the June 2011 quarter.
BBM is located immediately adjacent to BHPB?s Juloi project and is bisected by the Barito River.
Australian Laboratory results have confirmed premium quality metallurgical coal at the BBM project. Results from 4 cores and one channel sample confirm multiple seams.
Coal quality ranges from premium coking coal to ultra low volatile PCI, all with highly sought qualities. (end of edited excerpt)