Pan Asia moving ahead with TCM coal project

Australia-listed firm Pan Asia Corporation Ltd has appointed Palaris Mining Pty Ltd as an independent adviser to its flagship underground TCM Coal Project in South Kalimantan

Palaris is an Australian company that has extensive experience in providing specialist longwall underground mining consultancy services on major capital procurement projects to the coal industry, Pan Asia said in a statement on Friday.

CEO Alan Hopkins said that the appointment of Palaris is timely given the company has now commenced its next phase of drilling and is rapidly moving towards a Full Feasibility Study on the TCM Project

The firm announced earlier this mnonth the positive results of an independent study by KOPEX at the 75 percent owned TCM Coal Project. The independent study is targeting 1.5 million saleable tonnes per annum over a 15 year period.

As of January 31, 2011, the TCM Coal project has 53.2 million tonnes in resources, comprising 22.42 million tonnes of Indicated Coal Resources and 30.82 million tonnes of Inferred Coal Resources. The coal has an average calorific value (adb) of 6,534 Kcal/kg, moisture 5.65%, ash 14.24% and TS 1.16. (romel)