🕐27.01.11 - 01:27 Uhr
Continental Successful in its Mui Basin Coal Basin Expression Of Interest
Continental Coal Limited (CCC)
ASX Announcement
27 January 2011
Continental Successful in its Mui Basin Coal Basin Expression Of Interest
South African focused coal mining producer Continental Coal Limited (ASX:
CCC) "Continental" or "the Company") is pleased to announce that the Kenyan
Ministry of Energy has informed the Company that its Expression of Interest
(EOI) to participate in coal exploration and development of Kenyas Mui
Coal Basin has been accepted.
Continental has received a "Notification of Successful Bidder" from the
Ministry of Energy and will now proceed, as requested, and submit a
detailed technical and financial proposal for the Companys proposed
exploration, exploitation and development of identified coal deposits
contained within 4 concession blocks covering 490km2 and situated in the
Mutitu, Mwingi East and Mwingi Central Districts of Kenya.
"We are extremely pleased to have been one of a select group of
international coal mining companies short-listed by Kenyas Ministry of
Energy to submit a proposal to explore for coal in such a highly
prospective and strategically located coal basin." commented Continentals
Executive Director, Jason Brewer.
"The opportunity to be one of the first companies exploring for coal in the
country and to potentially play an integral role in Kenyas "Vision 2030"
and industrialization of its economy is recognition of the commitment and
capability of Continental to aggressively explore and fund the future
development of the coal resources in Kenya," Mr Brewer added.
The Mui Coal Basin is located 180km northeast of Nairobi and covers an area
of 500km2.
Exploration for coal has been conducted by Kenyas Ministry of
Energy (MOE) since 1999 and has focused on four blocks (Blocks A, B, C and
D) included surface geological mapping, geophysical surveys, exploration
drilling, detailed coal quality analyses and resource evaluation.
Surface geological mapping covering the entire Mui Coal Basin was completed
over a 2 year period from 1999 to 2001 and was followed up over 3 years
with ground geophysical surveys using magnetics and resistivity methods.
The geophysical surveys had the objective of determining thicknesses of
sediments in the basin and mapping the configuration of the basin floor.
An
initial 10 exploratory holes were subsequently drilled by the Ministry of
Energy before a more extensive 66 hole drilling program was completed.
Exploration drilling by the Ministry of Energy has to date been focussed in
Block C, where 54 holes have been drilled to depths ranging from 75m to
445m.
A further four holes have each have been drilled in Blocks A, B and D
to confirm the extension of the coal seams into these areas.
The Ministry
of Energy has reported that exploration drilling has confirmed that coal
seams with seam thickness varying from 0.3m to 13m have been encountered in
40 of the holes drilled and at depths of between 20m to 320m.
Coal quality
analyses on 70 samples was subsequently completed with details of the ash,
calorific value, volatiles, fixed carbon, sulphur and total organic carbon
recorded.
The Ministry of Energy has also advised that a feasibility study
on Block C has been completed.
Continental and its consultants will be meeting with the Ministry of Energy
and other key stakeholders in Kenya in February 2011, ahead of submitting
its final technical and financial proposal.
Upon receipt and a review of
proposals from the short listed parties, the Ministry of Energy has advised
that it will be awarding the 4 concession blocks to selected party(ies) and
will look to formally conclude an investment agreement.
Please visit to view the full ASX announcement:
http://esp.gewru.com/download/files/12414/1302935/27%20Jan%202011%20Continental%20Successful%20in%20its%20Mui%20Basin%20Coal%20Basin%20E.pdf
For further information:
Peter Landau, Executive Chairman,
Continental Capital Limited
Ph: 08 9488 5220
David Tasker,
Professional Public Relations,
Ph: 08 9388 0944/ 0433 112 936
Em:
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