Atrum Coal NL Kuro Completes Strategic Acquisition at Panorama Project
15.07.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - Atrum Coal NL ("Atrum" or the "Company") (ASX:ATU) (OTCMKTS:ATRCF) is pleased to announce that its wholly owned subsidiary, Kuro Coal Limited ("Kuro"), which is to be separately listed on the ASX under the code "KCO" following an Initial Public Offering, has agreed to acquire 100% of a substantial coal licence package contiguous with its existing Panorama Anthracite Project ("Panorama") located in British Columbia, Canada.Commenting on the acquisition, Executive Director Mr Russell Moran stated:
"Kuro has increased its exploration foot-print in the Panorama area. We are planning a maiden exploration program which can commence once regulatory approvals are received."
The acquisition includes ten coal licence applications ("Panstone Applications") covering a total of 13,787 hectares. It provides Kuro with a substantial consolidated footprint totalling 33,012 hectares in the Panorama Coalfield which is located to the West of Groundhog and expected to host high grade anthracite.
The Company will immediately commence the transition of the Panstone Applications to granted coal licences as part of the preparation for the 2014 exploration activities.
Atrum is finalising working arrangements with Kuro including marketing and logistics prior to the planned IPO.
About Atrum Coal NL:
Atrum Coal NL (ASX:ATU) (OTCMKTS:ATRCF) is an emerging metallurgical coal explorer and developer.
The Company has a substantial coal position in British Columbia which, as a region boasts:
- Abundance of high quality PCI, coking and anthracite coals
- Well developed rail and port infrastructure with excess capacity
- Access to deep sea ports
- Competitive shipping distance to Asia
- Positive government stance on mining
The Company is building a quality portfolio of metallurgical coal assets suited to the Asian export market and the Board of Directors have a strong track record in identifying and developing world class coal assets in Australia and abroad.
Contact:
Atrum Coal NL
T: +61-8-9388-3131
www.atrumcoal.com
Nathan Ryan, Investor Relations
M +61 420 582 887
nathan@atrumcoal.com