Pan Asia Corporation Limited (ASX:PZC) Confirms Clean and Clear Status for TCM Project
Sydney, Australia (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) is pleased to confirm it has received confirmation of 'Clean and Clear' status for its TCM Project from the Ministry of Energy and Mineral Resources (MoEMR) in Indonesia, by way of official release dated 9th May 2012. This release lists MoEMR mining concessions regarded as 'Clean and Clear' by law number 4, year 2009 and PP (government regulation) No. 23 year 2010.
The designation of 'Clean and Clear' provides comfort to mining companies that the validity of their relevant mining concession, and in this case Pan Asia's flagship TCM Project, has been scrutinised by MoEMR who have determined that the concession does not overlap with other concessions. MoEMR has stated that it continues to periodically review concessions and where concessions meet the requirements of no overlapping, they are included on updated 'Clean and Clear' lists. This is the third updated list of 'Clean and Clear' concessions list since the Mining Law of 2009.
CEO Alan Hopkins said 'This is timely confirmation of clean title for our project which has a Feasibility Study coming out imminently'.
About Pan Asia Corporation Limited:
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.
The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.
Source:
Pan Asia Corporation Limited
Contact:
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au