Pan Asia finds first coal resource in South Kalimantan

Australia-listed firm Pan Asia Corporation Ltd (PZC) announced on Tuesday it had made first discovery of coal resources at its TCM coal project in South Kalimantan.

It found 19.7 million tons of indicated coal resources, 11 million tons of inferred resources, the company said.

The coal resources have been defined in the southern part of the TCM concession, covering approximately 16 percent of the 4,150Ha concession area.

According to the company, the area is adjacent to the 2Mtpa ATA open pit mine currently operated by PT Arutmin Indonesia, a coal unit of Indonesia-listed mining house PT Bumi Resources Tbk.

Resources calculations have been conducted by independent consultants, PT GMT Indonesia, based on 2,8359m of open hole and diamond core drilling a total of twelve (12) holes have been drilled with nine (9) holes used in the resource calculations.

Further drilling is planned to be undertaken in the central and north-western parts of the TCM concession, focussing along the western boundary. The northern-most hole, TCM-1 2, returned one of the best coal intersections from drilling to date, indicating good potential for the definition of further coal occurrences as the new drill program advances. This drilling, scheduled to begin in coming weeks, is aimed at defining further resources down-dip of existing coal exposures in the ATA concession area.

The company continues to investigate options to develop both an open pit and an underground mining operation at TCM. PZC also keeps-on to evaluate potential partners to undertake underground mining at TCM. (denny)

?	JORC-compliant Coal Resource
	Tonnage	TM (%)	IM (%)	Ash (%)	VM (%)	FC (%)	S (%)	GCV (adb)	CV (daf)
Indicated	19,745,000	4.64	5.28	12.09	42.66	41.09	1.83	6682	7984
Inferred	11,000,000	3.90	5.47	11.58	43.10	41.36	1.74	6749	7974