DGAP-News: PAN ASIA DEEPENS RELATIONSHIP WITH ZIEC AND JIANGXI
(firmenpresse) - DGAP-News: Pan Asia Corporation Ltd.
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PAN ASIA DEEPENS RELATIONSHIP WITH ZIEC AND JIANGXI
02.06.2010 13:24
PAN ASIA DEEPENS RELATIONSHIP WITH ZIEC AND JIANGXI
The Directors of Pan Asia Corporation Ltd (the 'Company'; ASX: PZC)
are very pleased to announce the deepening of the Company’s
relationship with Zhongding International Engineering Co Ltd ('ZIEC')
and the Jiangxi Provincial People’s Government through the
Company’s resigning of a Memorandum of Understanding ('MOU')
with senior ZIEC executives in the presence of the Governor of Jiangxi
last week. The resigning occurred at a major materials and energy fair
held by the Jiangxi government, at which the Company’s
executives were among the honoured guests.
The MOU signed last week mirrors that previously signed by PT
TransCoal Minergy ('PT TCM'), as announced on 13 May 2010. As
previously announced, this MOU represents a valuable opportunity to
utilise ZIEC’s experience in the field of underground coal
mining in Indonesia and to access project development finance to
further the Company’s plans for underground mining operations at
the TransCoal Minergy / Mantewe ('TCM') coal project in South
Kalimantan. Upon completion of the Company’s acquisition of
Innovation West Pty Ltd and the execution of final transaction
documents between Innovation West Pty Ltd and PT TransCoal Minergy,
the Company would acquire ultimate ownership of a minimum of 75% of
the TCM Project.
CEO Alan Hopkins commented 'The strengthening of our relationship with
both ZIEC and Jiangxi represents important progress in the advancement
of this rapidly emerging project and an endorsement of the
Company’s work to date in this regard. We look forward to
working together with ZIEC in considering the potential for
underground mining operations at the site.'
ALAN G. HOPKINS
Chief Executive Officer
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.
End of Corporate News
02.06.2010 Ad hoc announcement, Financial News and Media Release
distributed by DGAP. Media archive at www.dgap-medientreff.de and
www.dgap.de
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