Xceed Resources Ltd.: Completion on new Coal Acquisitions
(firmenpresse) -
Xceed Resources Ltd.: Completion on new Coal Acquisitions
Key Points:
South African government approval for the acquisition of a 70% interest in each of Roodepoort and Bankfontein thermal coal projects received.
Drilling undertaken by Xceed on these projects as part of the Company’s due diligence confirms potential for export grade resources to be developed
The acquisition of the Roodepoort and Bankfontein projects maintains the Company’s focus on the Witbank/Ermelo coalfields with the intention that a number of mutually supporting coal mining operations can be established in future.
During the December 2011 quarter the Company executed definitive agreements with Hampfuna Mining & Exploration Pty Ltd in terms of which we acquired the right to purchase a seventy per cent equity interest in each of the Roodepoort and Bankfontein coal projects through a combination of project development expenditure and vendor payments to be made when certain milestones, namely; resource definition, mining rights and commencement of mining are achieved. The definitive agreements were subject to two substantive conditions being satisfied, these being Ministerial approval of the transaction and completion of due diligence by Xceed.
Ministerial approval in terms of Section 11 of the Mineral and Petroleum Resources Development Act (2002) has now been received.
As part of its due diligence, the Company recently conducted a limited drilling programme on each of Roodepoort and Bankfontein. The results of this drilling confirm that export quality coal is present on each property with excellent potential to develop meaningful JORC compliant resources through further drilling and testwork.
As both substantive conditions have now been satisfied, the Company will proceed with these acquisitions.
“The acquisition of these strategically located projects greatly increases our presence on the Witbank/Ermelo coal fields and provides us with a good pipeline of new exploration targets which will be advanced to follow on the development of the Company’s Moabsvelden Thermal Coal Project. Our recent drilling on Roodepoort and Bankfontein confirm the presence of near surface, high grade coal which will now become the focus of further drilling campaigns aimed at resource definition.” commented Xceed’s Managing Director, Ian Culbert
Roodeport
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Xceed_160512_English.pdf
The Roodepoort project is situated in the middle of the Witbank coal field and is nearby the Matla and Kriel coal fired power stations. The project comprises two portions (Roodepoort 40 IS and Diepspruit 41 IS) which straddle Universal Coal’s Roodekop (Diepspruit 63 IS) coal project. Xceed drilled a total of 4 diamond holes on the Roodepoort project during the quarter as part of our due diligence investigation. These holes correlated well with the historical holes they were intended to twin and suggest at this stage that open cast resources with a combination of export grade as well as domestic grade coal may potentially be developed through further drilling and testwork. The area tested by the due diligence drilling is in the eastern half of the project area, adjacent to the Roodekop project, suggesting that there is a continuation of the same coal formations from the one project to the next.
Results from the 4 holes drilled on Roodepoort during the Quarter were:
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Xceed_160512_English.pdf
* Note: The thicknesses quoted are only for the sampled plys within each coal seam. Total seam thickness would be a composite of the various plys within each seam.
Our geological consultants, Gemecs, have proposed that we undertake a drilling programme of 35 shallow holes (average depth 35m) to define the possible resources on this project.
Bankfontein
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Xceed_160512_English.pdf
The Bankfontein project is located in the Ermelo coal field nearby Xstrata’s Spitzkop and Tselentis collieries. The Company drilled a total of four diamond holes on the property during the quarter. Correlation with the historically drilling was generally poor; however, this was not unexpected as the historical drilling had been carried out by several different parties over a lengthy period. The drilling undertaken by Xceed however indicated that there is potential to firstly develop some open cast resources and secondly seam thicknesses may support underground mining off the pit high wall.
Results from the 4 holes drilled on Bankfontein during the Quarter were:
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Xceed_160512_English.pdf
* Note: The thicknesses quoted are only for the sampled plys within each coal seam. Total seam thickness would be a composite of the various plys within each seam.
For further information regarding the Company, please contact the Company on +61 8 9226 0329 or refer to www.xceedresources.com.au
For and on behalf of the Board of
Xceed Resources Limited
Ian Culbert
Managing Director
ASX Code: XCD
Ord Shares on Issue: 90,500,436
Chairman: Patrick O’Connor
Managing Director: Ian Culbert
Finance Director: Stephen Belben
Registered Office
Level 9, 105 St Georges Terrace
Perth WA 6000
Postal: GPO Box 2575
Perth WA 6001
T: +61 (8) 9226 0326
F: +61 (8) 9226 0327
South Africa
4/B Midland Office Park
Middelburg, Mpumalanga 1050
T: +27 (13) 243 7032
F: +27 (13) 243 7031
ABN: 79 009 181 006
www.xceedresources.com.au
Xceed Resources Limited is an Australian based public company engaged in the acquisition of mineral projects in Southern Africa. The company’s primary focus is the development of coal projects located within South Africa’s premier coal fields, which are supported by established infrastructure and are readily capable of reaching their markets. The company’s first project is the Moabsvelden thermal coal project situated in the Witbank coal field. Subject to regulatory approval, Moabsvelden is expected to have a mine life in excess of 10 years with the potential to produce export quality as well as domestic quality thermal coal from an open-cast, low strip mine.
30 January 2012
Competent Persons Statement:
Information in this announcement that relates to exploration results in respect of the Roodepoort and Bankfontein thermal coal projects is based on information compiled by Mr Kobus Dippenaar, Pr.Sci.Nat, B.Sc Hons (Geology), GSSA, who is a senior coal geologist at Gemecs (Pty) Ltd who have consulted to the Company. Gemecs is a recognised Overseas Professional Organisation. Mr Dippenaar has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration, Mineral Resources and Ore Reserves’. Mr Dippenaar consents to the inclusion in the presentation of the matters based on his information in the form and context in which it appears.
Leseranfragen:
Xceed Resources Ltd.
Level 9, 105 St Georges Terrace
PERTH WA 6000
Tel.: +61 (08) 9226 0329
Fax: (08) 9226 0327
E-Mail: info(at)xceedresources.com.au
Datum: 16.05.2012 - 08:19 Uhr
Sprache: Deutsch
News-ID 147019
Anzahl Zeichen: 7975
contact information:
Town:
Wien
Kategorie:
Business News
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