Atomic announced (ASX announcement 29th September 2009) that it had increased its JORC compliant coal resources to in excess of 210 million tones and on 14th October 2009 the Company commenced drilling on two newly acquired blocks at Ngaka which have the potential to add a further 30-50 million tones of coal to current inventories. The BFS is examining the feasibility of developing a 3-4 Mtpa coal mining operation at Ngaka and includes coal exports and the development of an on-site clean coal up to 400 megawatt power station, which will increase Tanzanias domestic power supplies by 40%. The Ngaka coal project is one of the largest and most important nation building projects in Tanzania and enjoys the strong support of the Tanzanian Government which has a 30% direct interest in the Ngaka Project through its joint venture with Atomic Resources.
Market Cap only 11 million ...can't believe the sp is still this low..and coal is so hot.
From memory BFS due sometime in March 2010. Won't be long before people start to realise the potential of this stock.
Cheers
ATQ Price at posting:
11.0¢ Sentiment: Buy Disclosure: Held
