Xceed Resources Ltd.: Maiden Coal Reserves at Moabsvelden
(firmenpresse) -
Xceed Resources Ltd.: Maiden Coal Reserves at Moabsvelden
Key Points:
•Establishment of maiden JORC compliant Reserves capable of supporting a long term, open cut mining operation at the Company’s 74% owned Moabsvelden thermal coal project.
•Following establishment of Measured resources, as well as the recent completion of a mining work programme by the Company’s mining consultants, Belton Mining Group (Pty) Ltd, the Company is pleased to report Proved and Probable reserves for the Moabsvelden thermal coal project of 30.7 mt and 13.1 mt respectively.
•The reserves are sufficient to support a ±15 year mine life assuming annualized run of mine throughput of 3 mtpa.
The drilling programme completed during the September 2011 quarter resulted in an increased and upgraded JORC compliant resource of 66.3 million tonnes (Measured 63,745,154 tonnes, Indicated 2,393,471 tonnes) for the Company’s 74% owned Moabsvelden thermal coal project.
In a significant milestone for the project, the completion of mine planning and financial modeling in support of an application for a mining licence has enabled the following maiden reserves for the Moabsvelden thermal coal project to be estimated:
To view the entire press release please follow the link:
http://www.irw-press.com/dokumente/Xceed_220512_English.pdf
The initial JORC compliant coal reserves for the Moabsvelden thermal coal project have been prepared as part of a definitive feasibility study currently being finalised and also as part of the Company’s application to the Department of Mineral Resources for a mining licence for the project.
The reserves have been estimated after applying various modifying factors to the Measured and Indicated coal resources. These modifying factors include mining and geological losses, environmental and easement constraints as well as the application of economic, marketing, and other factors identified in accordance with the JORC code. The reserves of 43.8mt are inclusive of, and not additional to, the resource of 66.3mt.
The Company believes that there is excellent potential for additional reserves at Moabsvelden to be developed and extracted by means of underground mining in areas on the project site where easement and environmental considerations constrain open cast mining. Further studies will be undertaken in due course to consider this.
“The establishment of maiden JORC compliant coal reserves for the Moabsvelden coal project is a major milestone for the Company. With total proven and probable open cast reserves of 43.8 million tonnes, the Moabsvelden coal project is well positioned to become a substantial, long life mine. Our expectation at this stage is that a mine life in the order of 14 to 15 years currently exists, with excellent potential to increase this further.” commented Xceed’s Managing Director Ian Culbert.
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
30 January 2012
Competent Persons Statement:
The Coal Resources and Reserve estimate for the Moabsvelden thermal coal project is based on Coal Resource estimates 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 ASX release of the matters based on his information in the form and context in which it appears.
The Coal Reserve estimate was prepared by Mr Van Reenen Jewaskiewitz, who is a registered Professional Mining Engineer with the Engineering Council of South Africa (ECSA) (a Recognised Overseas Professional Organisation) and has a Mine Managers Certificate of competency for coal mines. He has more than 25 years’ experience in the South African coal and minerals industries. Mr Jewaskiewitz is a full time employee of Xceed Resources Limited and 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 Jewaskiewitz consents to the inclusion in the ASX release 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
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Datum: 22.05.2012 - 07:54 Uhr
Sprache: Deutsch
News-ID 148632
Anzahl Zeichen: 5232
contact information:
Town:
Wien
Kategorie:
Business News
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