Pan Asia announces JORC resource at TCM project to 114.6 MT
Monday, October 17 2011 - 03:23 AM WIB
After completing 18 boreholes from the present phase of drilling (and a total of 35 boreholes drilled to date at TCM) the following upgrade of JORC resources has been made:
| ? | 17 OCTOBER 2011 | 31 JANUARY 2011 | INCREASE |
| MEASURED (tonnes) | 35,602,319 | No Estimate | NEWLY IDENTIFIED |
| INDICATED (tonnes) | 35,109,149 | 22,418,736 | 56.61% |
| INFERRED (tonnes) | 43,910,420 | 30,818,567 | 42.48% |
| TOTAL (tonnes) | 114,621,889 | 53,237,303 | 115.30% |
Pan Asia Chief Executive Officer Alan Hopkins said that while the Company had always anticipated an upgrade to its JORC resources could be made during the current drilling phase, the size of the upgrade had greatly surpassed expectations.
?This massive increase in JORC resource is great news for the Company and its shareholders and surpasses our expectations,? he said.
?These results cement the Company?s faith in pursuing this quality asset as our flagship project?.
?While Drilling is ongoing, the results to date have all but confirmed that the planned scale of operations is well supported by the proven resource. All other testwork is well advanced and is feeding into the full Feasibility Study, which is underway and scheduled for release in Q1 2012.?
The interim upgraded JORC Resource calculation was undertaken by leading coal industry group Kopex Mining Contractors (part of the KOPEX Group). (romel)