INDEPENDENT STUDY COMMISSIONED ON TCM UNDERGROUND COAL MINE DEVELOPMENT
HIGHLIGHTS
· Leading International Coal Group KOPEX commissioned to undertake high level independent study on the TCM Project
· Follows 73% Increase in JORC Resources
· Study provides a platform for development
Pan Asia Corporation Ltd (ASX: PZC) today announced that it has commissioned Kopex Mining Contractors (part of the Kopex Group) to undertake an independent study on its flagship TCM Coal Project in South Kalimantan, Indonesia.
CEO Alan Hopkins said the study was a valuable step in the Company’s plans to move the highly-prospective project toward development.
“With the recent big upgrade to our JORC Resource on TCM, we are pleased to be able to move quickly to independent study phase,” he said.
“This study will provide a key platform for the development of this project. “
The investigation will include:
· Identification of underground mining areas
· The preparation of appropriately designed mine plans, including layouts, dimensions, roof support designs and surface infrastructure layouts
· Detailed estimates of Capital & Operating Costs and a detailed financial analysis of the proposed underground mining operations
· Planning for the compilation of all data required to prepare a feasibility study for optimum project development.
Pan Asia expects the study to be completed by mid-year.
The commissioning of the Kopex report follows the recent announcement of a 73% increase in JORC resources for the TCM Project. The JORC Resource increased to 53.2 million tonnes - comprising 22.4 million tonnes of Indicated coal resources and 30.8 million tonnes of inferred coal resources.
The quality of the coal has an average calorific value of 6,566 kcal /kg (ADB), 6.41% total moisture, 13.52% ash and 1.52% sulphur.
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