Kangaroo completes E. Kalimantan coal project due diligence
Thursday, August 6 2009 - 12:14 AM WIB
Australian firm Kangaroo Metals Limited on Thursday that both legal and technical due diligence on the Mitra Bara Karya (MBK) and Bara Pratama (BP) thermal coal projects in East Kalimantan have been completed to the satisfaction of the company.
The Company will now progress towards finalizing the joint venture agreement with Alexis Minerals International Pty Ltd and seek the relevant shareholder approvals required to complete the transaction, the company said.
Drilling program is scheduled to commence on the MBK concession during the next month.
MBK comprises concession of 4,151 hectares and indicates the potential for high quality thermal coal.
BP is a small concession of 100 hectares, located 1.5 kilometers from the Mahakam River. (denny)