Pan Asia Corporation Limited (ASX:PZC) Report Massive 115% Increase in TCM Coal Project JORC Resource

Perth, Australia (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) is very pleased to announce a preliminary JORC upgrade at its flagship TCM Coal Project in South Kalimantan, Indonesia, to 114.6 million tonnes (measured, indicated & inferred).

After completing 18 boreholes from the present phase of drilling (and a total of 35 boreholes drilled to date at TCM) the following upgrade table of JORC resources has been made: (see link at the bottom of the release)

Pan Asia Chief Executive Officer Alan Hopkins said that while the Company had always anticipated an upgrade to its JORC resources could be made during the current drilling phase, the size of the upgrade had greatly surpassed expectations.

'This massive increase in JORC resource is great news for the Company and its shareholders and surpasses our expectations,' he said.

'These results cement the Company's faith in pursuing this quality asset as our flagship project'.

'While Drilling is ongoing, the results to date have all but confirmed that the planned scale of operations is well supported by the proven resource. All other testwork is well advanced and is feeding into the full Feasibility Study, which is underway and scheduled for release in Q1 2012.'

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

PARAMETERS USED IN JORC UPGRADE

1. Completed 18 additional boreholes from current phase of drilling;

2. A total of 35 boreholes was used for the update of the resource estimation;

3. This preliminary resource update was made for the purpose of re-estimating the resource numbers and evaluating the tectonic structure of the rocks;

4. Approximately 6 boreholes remain to be done in the present drilling program;

5. All finished boreholes were geophysically logged, samples taken and sent to laboratories;

6. Profiles, logs of boreholes and seam correlations have been completed;

7. Collar coordinates have been completed;

8. Laboratory testing: quality, Geotech, gas methane- not yet completed but underway;

9. Quality model still to be updated once all quality results received;

10. Full version of resource statements to be elaborated after all drilling and laboratory testing completed.

Coal Quality Resource Summary

The coal quality model will be further updated when all the coal quality results are in for the current drill programme.

Washability tests and subsequent analysis of the results have been undertaken on a 500t bulk sample to develop a conceptual Coal Handling and Preparation Plant design. Further testwork and analysis of all quality data will lead to a specification of a saleable product, the results of this are expected later this month targeting a TS of ~1.0 with good yield.

Fundamental Change in the Calculation of Resources

Based on the better understanding of the complexity of the deposit achieved through the current drill programme, Kopex has now sub-divided resources into categories based on the following drill spacing: (see link at the bottom of the release)

For the complete Pan Asia Corporation Limited announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-PZC-561552.pdf

About Pan Asia Corporation Limited:

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

The Company aims to be a major supplier of key resources into the expanding Asian markets and via the acquisition of Innovation West which has a number of significant coal assets in Indonesia. These assets provide a balanced mix of thermal coal assets in Indonesia and include:

1) Projects that generate cashflow (eg via repayment of loan, royalty and off-take from Ranrich Projects).

2) A Flagship Pre Development project that has a JORC resource in South Kalimantan (TCM).

3) A Flagship Exploration project that has large tonnage potential (BCKP).

4) A Pipeline of other project opportunities covering each of the above categories.

The evaluation and 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 the Company's aim to become a significant resource company in Asia over the coming years. An extensive international financial network provides support for the Company's rapid growth plans.

Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects.

Source:

Pan Asia Corporation Limited

Contact:

Alan Hopkins
Chief Executive Officer
Pan Asia Corporation Ltd
Tel:  61-8-9381-5819