Palace's JV commence drilling on KCM Project
Thursday, May 16 2013 - 04:42 AM WIB
By Peni Pedriawan
ASX-listed Palace Resources Ltd reported on Thursday that its joint venture (JV) PT. Solusi Coalindo has commenced a 1,000 meter drilling program on coal development project (KCM project).
Solusi Coalindo holds a 100% interest in KCM coal project comprising areas of 200 hectares.
Palace, which recently agreed production and development deal with Solusi said that the drilling program was designed to better define the immediately mineable area and to test the extension of the known coal seams on the property.
The drilling program is expected to take 40 days to complete an Palace will have access to the drilling results as pail of its due diligence process.
Editing by Adianto P. Simamora