News: Jameson Resources to receive exploration tax refund in British Columbia

Jameson Resources (ASX:JAL) will receive an exploration tax refund of C$0.5 million from the British Columbia government in relation to expenditure on the Crown Mountain Coking Coal Project.

The British Columbia tax code provides for a partial recoupment of exploration funds and the amount to be refunded for expenditure during the 2012 and 2013 fiscal years was determined after a lengthy review and audit by the Canada Revenue Agency.

Proceeds will strengthen Jameson’s financial position as it continues to pursue the permitting and development of Crown Mountain.

The Crown Mountain Coal Project is located in the Elk Valley Coalfield of Canada, which offers compelling global opportunities for development of a coking coal project.

Preliminary PFS results were positive, with key mining parameters determined to-date are consistent with the 2013 Preliminary Economic Assessment (PEA).

- Projected plant yields fall within the 40% to 60% range estimated in the PEA: approximately 59% in the North Block, 55% in the East Block, and 48% in the South Block, for a propertywide average of 52%.

- Clean strip ratio ranges from 7.05 to 9.79:1 during the first 5 years, averaging 10.23:1 over the mine life.

- Average production level will be within the upper half of the PEA’s estimated 1.3 – 1.9 million clean tonnes per annum.

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