Atrum Coal NL Kuro Coal Receives Grant of Peace River Coal Licences
10.10.2014 | ABN Newswire
Perth, Australia (ABN Newswire) - Kuro Coal Limited ("Kuro" or the "Company") is pleased to announce that following First Nations and community consultation, the Company has received four coal licences in the Peace River Coalfield, British Columbia, Canada. Kuro Coal is a wholly owned subsidiary of Atrum Coal NL ("Atrum")(ASX:ATU) (OTCMKTS:ATRCF) and will be separately listed on the ASX under the code "KCO" following an Initial Public Offering.
Commenting on the granting of the coal licences, Atrum Coal Executive Director and Kuro Coal Non-Executive Director Mr Gino D'Anna stated:
"Kuro has an exciting portfolio of metallurgical coal opportunities in Canada. We look forward to maiden exploration later this year."
The four granted coal licences total 5,239 hectares and are located in the coking coal rich area of Peace River. Licences were granted following consultation with local First Nations bands.
The Company is preparing a Notice of Work to conduct exploration across the four granted coal licences, which will initially comprise surface mapping, trenching, sampling and scout drilling of identified targets.
PEACE RIVER COAL PROJECT OVERVIEW
The Peace River Project is located approximately 30 km west of the Wapiti Coal Project, owned by Hillsborough Resources Limited, approximately 40 km east of the operating Brule Mine, owned by Walter Energy Inc., and 35 km north of the Perry Creek/Wolverine Mine, owned by Walter Energy Inc. It is located on the western margin of the Western Canadian Sedimentary Basin and the eastern fringe of the Rocky Mountain foothills fold belt.
The coal licenses are located approximately 300 km north east of Prince George. The Chetwynd Highway (29) runs approximately 25 km to the west of the property and the Heritage Highway (52) runs approximately 10 km to the east of the property. Both highways connect at the locality of Tumbler Ridge, approximately 16 km south of the property.
IPO TIMETABLE
Kuro is satisfied with its due diligence investigations on the Elan Coking Coal Project in which it has agreed to acquire a 70% through a farm in arrangement. The Company is currently finalising the joint venture documentation with the Elan vendors and once executed, the IPO will proceed. Shareholders can expect further updates on the timetable later this month and despite recent delays, Atrum is on track seek shareholder approval for the spin out in 4Q 2014.
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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