🕐18.06.13 - 02:27 Uhr

HODGES RESOURCES LTD [ASX: HDG] - KYRGYZSTAN ACQUISITION TO FAST-TRACK GROWTH





Fortbridge Media Release

Hodges Resources Ltd [ASX: HDG] - Kyrgyzstan Acquisition To Fast-Track Growth

Hodges Resources Ltd (ASX: HDG) has reached a heads of agreement with a Kyrgyzstan based, Australian owned and registered, company to obtain 100% of the issued share capital in return for the rights to a 50% interest in an operational thermal coal mine and an additional coal prospect in Kyrgyzstan.

The open cut mine has been mined historically for domestic consumption and internal energy markets. Historical reporting indicates the mine has been sporatically operational since 1986 and currently mines around 100,000 tonnes within less than 6 months of the year. A historical resource report was previously completed under the Russian classification system using data from around 160 holes. Estimates are currently in Russian resource categories A, B and C levels and support an exploration target* of 120-160 million tonne resource of coal quality (air drid basis) ranging from 5,500-6,900 Kcal/kg CV; ash 6-18% and total moisture 8-24%.

The first priority of the company will be to undertake a technical review of these estimates with the aim to convert it to JORC standards during the due diligence period. This process can be fast-tracked subject to accessibility of all required data and should be available in the near term, followed by a full expansion review to expedite near term production and cash flow potential.

The second project has had coal exploration and surface exploitation work. Coal has been mapped at surface and sporadically drilled. No resource has been calculated at this project.

Please see the attached announcement for more details.

For further information, please contact:

Mark Major

Managing Director

Telephone: (+618) 9322 6412

Email:

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