Pan Asia Corporation Limited (ASX:PZC): Kopex Steps Up Commitment to TCM Coal Project
Perth, Australia (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) is pleased to announce that it has entered into an arrangement for Kopex to commit a further US $1m to fund the remainder of the expanded drill program at TCM through until the completion of the final feasibility study. Completion of the final feasibility study is expected end of March 2012.
In April 2011, Kopex entered into an Agreement with Pan Asia to co-fund the accelerated infill drilling programme and the final feasibility study at the TCM Project. Kopex's total commitment to date towards the drilling programme at the TCM Project now stands at US$1.6m.
Pan Asia CEO Alan Hopkins said, 'Kopex's strong commitment to the TCM project supports its rapidly rising potential with the final feasibility study continuing to make good progress' .
JORC RESOURCES AT TCM PROJECT
In October 2011, the Company upgraded its initial JORC Resource at the TCM Project to 114.6 million tonnes in the following categories: (see link:http://media.abnnewswire.net/media/en/docs/ASX-PZC-571843.pdf)
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 500kg bulk sample to develop a conceptual Coal Handling and Preparation Plant design. Further testwork and analysis of all the quality data will lead to a specification of a saleable product, targeting TS of ~1.0 with good yield.
PARAMETERS USED IN JORC RESOURCES
1. A total of 35 boreholes drilled for the current resource estimation;
2. All finished boreholes were geophysically logged, samples taken and sent to laboratories;
3. Profiles, logs of boreholes and seam correlations have been completed;
4. Collar coordinates have been completed;
5. Laboratory testing: quality, Geotech, gas methane- not yet completed but underway;
6. Quality model still to be updated once all quality results received;
7. Full version of resource statements to be elaborated after all drilling and laboratory testing completed.
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