Consent Granted To Transfer Prospecting Right For Vaalbank Project
Continental Coal Limited (“Continental” or “the Company”) the South African thermal coal production, development and exploration company, is pleased to announce that the South African Department of Mineral Resources (“DMR”) has granted their consent for the transfer of the prospecting right required to commence our Vaalbank coal exploration project.
The Vaalbank coal exploration project is located adjacent to Total Coal’s Forzando Colliery. This exploration project consists of a 50:50 joint exploration program with Forzando Coal, 74% owned by Total Coal South Africa, a subsidiary of international energy company, Total. Forzando Coal has been operating for more than 25 years in South Africa and currently produces over 4Mtpa of export quality thermal coal from the Dorstfontein Coal Mine, Forzando North and South Coal Mines and Tumelo Coal Mine. Under the terms of the joint exploration program, the Group and Forzando Coal will commence a two phase exploration program comprising of 20 exploration holes upon approval by both companies.
Commenting on obtaining consent for the transfer of the prospecting right, Continental Chief Executive Officer, Mr Don Turvey said:
“Obtaining the consent to transfer the prospecting right for our Vaalbank coal exploration project now allows Continental and Forzando Coal to commence with the detail planning and scheduling of the exploration program. Initial review studies indicated the potential for an economic minable resource and we believe the proposed exploration program will not only support this but also provide the initial data required to commence with a pre-feasibility study.”
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