🕐23.04.09 - 05:56 Uhr

Liberty Resources Ltd [LBY] - Liberty Acquires Queensland Energy Project



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Liberty Resources Ltd [LBY] - Liberty Acquires Queensland Energy Project

Perth based company, Liberty Resources Ltd, yesterday announced the completed acquisition of Queensland tenements covering shallow and deep coal potentially suitable for Underground Coal Gasification (�UCG�).

Liberty now owns 100% of tenement areas covering 26,000km2 in the Surat, Galilee and Bowen Basins.

Shareholders welcomed the announcement today and rallied with a 42% increase in the share price at the close of trade.

�This heralds a new phase of growth for the Company,� Liberty�s Managing Director, Andrew Haythorpe said.

�Whilst we acknowledge the challenges that lie ahead, we also see the substantial growth opportunity in joining the leaders of a rapidly developing, clean energy industry in Australia.�

The transaction follows the acquisition of four Australian private companies that hold Exploration Permits for Coal Applications (�EPCAs�) and Exploration Permits Coal (�EPCs�) in Queensland.

The company now holds 11 granted EPCs, a Mineral Development Lease (MDL) and 28 EPCAs awaiting offer for grant, covering a total area of over 26,000km2.

An estimated 4.2 billion tonnes of coal occurs in within the shallow part of the Surat Basin (refer to http://www.dme.qld.au/mines/resources.cfm) adjacent to the EPCA areas.

The MDL application covers the Inferred Resource of 338 million tonnes (Mt) of thermal coal in its Galiilee Project as announced on 15 December 2008.


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