DGAP-News: Pan Asia Corporation Ltd.: MAIDEN RESOURCE STATEMENT FOR TCM COAL PROJECT, INDONESIA
(firmenpresse) - Pan Asia Corporation Ltd. / Miscellaneous
11.05.2010 16:00
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Dear Shareholders
MAIDEN RESOURCE STATEMENT FOR TCM COAL PROJECT, INDONESIA
HIGHLIGHTS:
- Indicated resource of 19.7Mt and Inferred resource of 11Mt
- High quality bituminous thermal coal with high calorific value, low ash,
low moisture and moderate sulphur
- Exploration completed on ~16% of the total 4,150Ha concession area
- Drilling planned to restart in coming weeks, focus on expanding resource
base
- Active discussions with potential partners to develop both open pit and
underground mining operations
The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC) are
very pleased to announce the maiden resource statement, reported in
accordance with the JORC Code, for the TCM Coal Project located in South
Kalimantan, Indonesia.
The maiden resource comprises 19.7 million tonnes of coal in an Indicated
category. In addition, there is an Inferred resource totalling 11 million
tonnes.
Coal quality for each of these resources has been included in Table 1,
below.
JORC-compliant Coal ResourcesTable 1 - Indicated and inferred resources with coal quality for TCM.
TONNAGE TM IM ASH VM FC S GCV CV
(%) (%) (%) (%) (%) (%) (adb) (daf)
In- 19.745.000 4,64 5,28 12,09 42,66 41,09 1,83 6682 7984
dicated
In- 11.000.000 3,90 5,47 11,58 43,10 41,36 1,74 6749 7974
ferred
The coal resources have been defined in the southern part of the TCM
concession, covering approximately 16% of the 4,150Ha concession area and
immediately adjacent to the 2Mtpa ATA open pit mine currently operated by
PT Arutmin Indonesia (part of PT Bumi Resources Tbk Group) (Figure 2).
Drilling undertaken by PZC has targeted the down-dip position of the coal
seams mined in the ATA open pit.
Resources calculations have been conducted by independent consultants, PT
GMT Indonesia, based on 2,835.9m of open-hole and diamond core drilling. A
total of twelve (12) holes have been drilled, with nine (9) holes used in
the resource calculations. Down-hole geophysical logging was performed on
all drill holes.
Further drilling is planned to be undertaken in the central and
north-western parts of the TCM concession, focussing along the western
boundary. The northern-most hole, TCM-12, returned one of the best coal
intersections from drilling to date, indicating good potential for the
definition of further coal occurrences as the new drill program advances.
This drilling, scheduled to begin in coming weeks, is aimed at defining
further resources down-dip of existing coal exposures in the ATA concession
area.
The Company continues to investigate options to develop both an open pit
and an underground mining operation at TCM. As previously advised, a MOU
has been signed with one of the mining contractors responsible for open pit
operations within the ATA concession, whereby the contractor will be
looking to expand the ATA open pit into TCM. The current ATA pit high-wall
has reached the ATA-TCM boundary thereby limiting further mining activities
(Figure 2). Technical investigations and survey work is currently being
performed by the contractor and results are expected to be made available
in the coming weeks. Further, PZC continues to evaluate potential partners
to undertake underground mining at TCM.
CEO Alan Hopkins commented 'This is a significant achievement by the
Company, proving a JORC-resource of significant size within a relatively
short period of time and within a very modest budget. It again highlights
the prospectivity of the Innovation West assets and the excellent
relationships with Indonesian stakeholders.'
Yours faithfully
ALAN G. HOPKINS
Chief Executive Officer
Competent Person's Statement
The data in this report that relates to Mineral Resources is based on
information evaluated by Mr Steve Macmillan who is a member of The
Australian Institute of Mining and Metallurgy (MAusIMM) and who has
sufficient experience 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 Results, Mineral Resources
and Ore Reserves (the 'JORC Code'). Mr Macmillan is a fulltime employee of
PT GMT Indonesia and he consents to the inclusion in the report of the
Mineral Resource in the form and context in which it appears.
About Pan Asia Corporation Limited
Pan Asia Corporation Limited is a rapidly growing diversified resources
company primary listed on the Australian Securities Exchange and secondary
listed on the Frankfurt Stock Exchange and with offices in Perth and
Sydney, Australia and Jakarta, Indonesia.
The Company aims to be a major supplier of key resources into the expanding
Asian markets and is well advanced in its due diligence and requirements
for regulatory and shareholder approval for the acquisition of a number of
significant coal and manganese assets in Indonesia. This diversified
portfolio of assets includes projects in both production and exploration
stages as well as a significant opportunity to participate in commodity
trading which will complement these projects.
The evaluation and development of the current suite of assets in addition
to new opportunities that arise from a strong local partner network will be
the foundation for the Company's aim to become a top tier coal and
manganese company in Indonesia over the next three years. An extensive
international financial network provides support for the Company's rapid
growth plans.
11.05.2010 16:00 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv atwww.dgap-medientreff.deandwww.dgap.de---------------------------------------------------------------------------
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Datum: 11.05.2010 - 16:00 Uhr
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