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Cockatoo Coal announces drilling update

World Coal,

Cockatoo Coal has released a report detailing updates at the company’s coal projects in the Bowen Basin in Queensland, Australia.

The company’s Bowen Basin projects extend from the Dingo project in the north to the Baralaba South project in the south and have contiguous target areas covering an area of approximately 56 320 ha, with Permian age, Rangal Coal Measures sub-cropping over a strike length of approximately 92 km. Production at the Baralaba coal mine has demonstrated that the seams of the Rangal Coal Measures in the area have PCI and thermal coal properties. The seams mined at thee Baralaba mine have been intersected in the Baralaba south and Baralaba north target areas.

Highlights from the drilling update include:

  • ML 80169 (Baralaba north) granted for 30 years on 1 September 2013.
  • ML 80170 (Wonbindi north) granted for 30 years on 1 October 2013.
  • Exploration and production drilling has continues on the Baralaba mine at ML 5605, ML 80157, ML 80169 and MDL 184. Cockatoo has been monitoring these drilling projects for structural, production, water and coal quality.
  • The report covers a total of 203 drill holes for 20 376 m.
  • Exploration and sterilisation drilling for future mine infrastructure areas are planned.
  • Exploration potential in the different projects remain open in most directions.

The company has continued exploration and development drilling activities carrying out open hole drilling and coal quality coring for raw coal, as well as production hole drilling and drilling of water monitoring holes.

The main focus of exploration activities has shifted to Baralaba north and the extension of the Baralaba mine. Coal quality coring is continuing to extend JORC measured resource estimates.

A Mineral Development License Application (MDLA 512) has been lodged over the Dingo project, reflecting the future potential of the project, which is transected by the Blackwater rail line. The Baralaba coal measures in the Dingo project are contiguous with Baralaba and exhibit similar coal quality trends.

Earlier in October, Cockatoo Coal released a statement announcing plans to raise AU$ 408 million to expand its Baralaba mine, repay debt and fund a takeover offer for Blackwood Corp.

Cockatoo Coal recently agreed to sell its 30% interest in Hume Coal to POSCO Australia for US$ 9.74 million, as well as cancellation of POSA’s 134 807 307 shares held in Cockatoo (a 13.26% stake in the company). The move came as Cockatoo plans to focus resources on developing the 3.5 million tpa extension of the existing operating mine at Baralaba.

Adapted from press release by Sam Dodson

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