Global's Initial NI 43-101 Report Complete
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/20/12 -- Global Met Coal Corporation (the "Company" or "GMC") (TSX VENTURE: GMZ)(FRANKFURT: B1H) is pleased to announce that it has submitted a National Instrument 43-101 Technical Report dated December 23, 2011 with the TSX Venture Exchange. The Technical Report was prepared by SRK Consulting (UK) Limited ("SRK") with respect to the Mogoin Gol Coking Coal Deposit in Mongolia.
The Mogoin Gol Project comprises both the current mining and exploration license areas. The project area is underlain by a single bituminous coal seam that averages 7.8 metres (m) in thickness. Coal currently being mined on the property is sold to Russian steel mills as coking coal. The mine has been in continuous open pit production since 1971.
SRK DUE DILIGENCE
Within the Mining License (384A), SRK has provisionally estimated, based on a provisional model, 10.3 million tonnes coal remaining within the Mining License (384A), and with an estimated variance of +/-1 million tonnes. The average vertical coal thickness to overburden thickness is 1:5.
A Vulcan seam model extrapolated across the Exploration License (13841X) gives confidence that a resource of 10.7 million tonnes could be achieved, if a successful drilling and sampling campaign is undertaken. The estimated average coal thickness to overburden thickness in the exploration area is 1:11, based upon historical drilling and backed by the recent and adjacent Aspire Mining drilling results.
CONCLUSIONS AND RECOMMENDATIONS
For the mining and material handling, SRK has identified the following:
SRK recommends that an intensive phase of resource drilling, geophysical logging and sampling should be undertaken across the Exploration License (13841X) and completed to ASTM Standards (ASTM 1999 and ASTM 2008). The following key objectives should be met by GMC.
Following the work above, GMC should then initiate a second phase and undertake a Pre-feasibility Study (PFS) that can be continued through to a Feasibility Study.
SRK recommends that GMC develops a two phase exploration work program, with an estimated expenditure of USD1.5M to attain a PFS level. SRK considers that GMC should expect an additional cost of approximately USD2-3M for the exploration, sampling, infrastructure, mining and environmental studies/activities necessary to complete a Feasibility Study within three years.
Dr. William Hatton, Chartered Geologist, Geological Society of London, is a Qualified Person as defined under National Instrument 43-101 and has reviewed and approved the scientific and technical information presented in this news release.
Before investing, readers are encouraged to read the entire thirty-seven page report after the TSX Venture Exchange review is complete and it has been posted on SEDAR.
CAUTIONARY STATEMENTS
The potential quantity and grade of metallurgical coal at the Mogoin Gol Project is conceptual in nature and there has been insufficient exploration to define a mineral resource. It is uncertain if further exploration will result in discovery of a mineral resource. There can be no assurance that the transaction to purchase an interest in the Mogoin Gol Project will be completed as proposed or at all.
Investors are cautioned that, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon.
ABOUT GLOBAL MET COAL
Global Met Coal Corporation is an exploration and development company currently focusing on the acquisition of advanced stage properties with special emphasis on metallurgical coal projects. The Company's strategy is to maximize shareholder value through successful exploration and development.
In addition to this proposed acquisition, the Company is also investigating other met coal development projects in North America and Asia.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Global Met Coal Corporation
George Heard
CEO, President & Director
604-632-0085
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Datum: 20.01.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 106177
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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