Pan Asia Corporation Limited - Indonesian TCM Project JORC Resource Increase To More Than 53 Million Tonnes

08:53 AEST Feb 8, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.

Perth, Australia (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) today announced that the second phase of drilling undertaken at the Company's flagship predevelopment TCM Coal Project in South Kalimantan, Indonesia has substantially increased the Project's JORC Resource to 53.2 million tonnes comprising 22.4 million tonnes of Indicated coal resources and 30.8 million tonnes of Inferred Coal Resources.

Prior to this phase 2 drilling programme, the JORC Resource for TCM was 30.7 million tonnes, comprising 19.7 million tonnes of Indicated Coal Resources & 11 million tonnes of Inferred Coal Resources.

The quality of the coal has an average calorific value of 6,566 kcal /kg (ADB), 6.41% total moisture, 13.52% ash and 1.52% sulphur.

This compares with the phase 1 drilling quality of coal having an average calorific value of 6,682 kcal/kg (ADB), 4.64% total moisture, 12.09% ash & 1.83% sulphur.

CEO Alan Hopkins said 'The TCM Project features strongly in our corporate strategy to be a major supplier of key resources into the expanding Asian markets. The substantial increase in the Project's JORC Resource is great progress'.

'TCM continues to generate consistently good results. We are confident this Project has great potential to rerate the Company, and we look forward to moving forward rapidly to the next phase.'

The JORC Resource calculation was undertaken by leading coal industry group Kopex Mining Contractors (part of the KOPEX Group (WAR:KPX) ).


About Pan Asia Corporation Limited:

Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing diversified resources company listed on the Australian Securities Exchange with offices in Perth, Australia and Jakarta, Indonesia.

The Company aims to be a major supplier of key resources into the expanding Asian markets and is well advanced in its due diligence and requirements for regulatory and shareholder approval for the acquisition of a number of significant coal and manganese assets in Indonesia. This diversified portfolio of assets includes projects in both production & exploration stages as well as a significant opportunity to participate in key infrastructure development which will complement the existing coal projects held by the Company.
The evaluation & development of the current suite of assets in addition to new opportunities that arise from a strong local partner network will be the foundation for Pan Asia's aim to become a top tier coal & manganese company in Indonesia over the next three years. An extensive international financial network provides support for the Company's rapid growth plans.



Contact:

Alan Hopkins
Chief Executive Officer
Pan Asia Corporation Ltd
Tel: +61-8-9381-5819
http://www.panasiacorp.com.au