TCM coal project moves to final feasibility study

Australia-listed firm Pan Asia Corporation Limited announced on Tuesday that it has now executed a formal agreement with leading underground mining group KOPEX to undertake a Final Feasibility Study on the TCM Coal Project in South Kalimantan.

This follows the recently completed Independent Study which indicated the project?s viability targeting 1.5 million saleable tonnes of high CV coal per annum over a 15 year period (following initial construction).

PZC has also recently appointed Palaris Mining Pty Ltd as its independent adviser to the Final Feasibility Study. Palaris has extensive experience in consulting on underground mining projects.

The current resource for the TCM Project concession area is 52.20Mt comprising 22.04 Mt of indicated Coal Resources and 30.16Mt of Inferred Coal Resources. The average coal quality is 6,534 kcal/kg (adb), moisture 5.65% Ash 14.24%, and TS 1.16 %.

The Final Feasibility Study is scheduled to be completed by end of the first quarter of 2012 and will represent a major step forward for the company.

Pan Asia CEO Alan Hopkins said ?We have now launched into the Final Feasibility Study stage of this project & its outcome should prove to be one of the catalysts that significantly rerate the Company. Additional drilling & testwork has already started and we look forward to the resource updates to come.? (romel)