Pan Asia to start phase-3 drilling program at S. Kalimantan coal mine
Thursday, May 19 2011 - 04:12 AM WIB
Australian-listed Pan Asia Corporation Ltd will commence the Phase 3 drilling program in TCM Coal Project, South Kalimantan on 1 June 2011 following successful fund raising and finalization agreements with Kopex.
The company will drill up to 6,500 meters, where a drill rig and necessary contractors have been secured for the program.
The drill results will be utilized to upgrade the existing 53 million tonnes (Mt) JORC resource (which 22.Mt is indicated and 30.8Mt is inferred) of CV Coal (6,550kcal/kg) for use in Bankable Feasibility Study. Drilling is also to assess open pit potential in the project.
?This next round of drilling should provide an expanded platform for the emerging value in the project to be realized as it moves through to the final feasibility stages,? CEO Alan Hopkins said. (romel)