Sam?s Seafood moves closer to acquire Kalimantan coal, manganese assets

Sam?s Seafood Holdings Limited, which is proposed to be renamed Pan Asia Corporation Limited, is moving closer to becoming an exploration and development company with the acquisition of prime coal and manganese assets.

Further progress has been made on the acquisition of Innovation West, which contains the TCM Coal project and manganese assets in Indonesia.

The 4,180Ha TCM project area is situated immediately adjacent to the ATA open pit coal mining operation owned and operated by PT Arutmin - one of Indonesia?s largest coal producers. High calorific value coal is currently being mined on a large scale at ATA.

Technical and legal due diligence on the TCM Coal Project confirmed the technical merits and valid legal titles of the project, located in Mentewe District, South Kalimantan, Indonesia.

A review of the extensive manganese project is progressing with site visits to West Timor and Flores Island just completed.

The TCM Coal Project is located in Southern Kalimantan, approximately 250km south-south-west of Balikpapan.

Coal seams being mined by PT Arutmin are seen to dip at a shallow angle (~100) into the TCM concession. ATA coal is typically high quality thermal coal with high calorific values, low ash and low-medium sulphur.

Four main seams are being mined at ATA and there remains potential to discover additional coal seams higher in the sequence within the TCM concession area.

The TCM Coal Project is located only 16.5km from the Company?s Roda Niaga thermal coal concession and the acquisition of TCM is seen as highly complementary to the company?s growing portfolio of thermal coal projects in Southern Kalimantan.(denny)