WMN adds 60 days of due diligence period for Penajam
Tuesday, February 12 2013 - 08:47 AM WIB
ASX-listed Western Mining Network Limited (WMN) recently stated that in order to allow sufficient time to satisfactorily complete due diligence on the Penajam Paser Utara Project, the vendors of the project have agreed to extend the company?s exclusive option and due diligence period under the Master Agreement for a further 60 days. This extension has been granted at nil cost to WMN.
As announced on 15 November 2012, WMN has entered into a Master Agreement to acquire up to 100% of four thermal coal tenements with a combined area of 5,000 hectares in Penajam Paser Utara, East Kalimantan, namely PT Pratama Energy Alam Tujuh (PEAT), PT Adi Mecha Kontekindo (AMK), PT Samboja Perdana Agung (SPA) and PT LB Prima Coal (LBPC).
The company said that PEAT, AMK, and SPA hold exploration licenses located within the Pamal and Pulau Balang geological formation with bituminous coal at potentially high calorific values, while LBPC holds a production license, located within the Balikpapan geological formation with sub-bituminous coal at potentially economic calorific values.
The Penajam Paser Utama Project comprises of four close mining business areas located approximately 35km northwest in a direct line from Balikpapan in the province of East Kalimantan.
Editing by Er Audy ZAndri