Marine i thought i had read it somewhere about Bundi upgrade and...

Marine i thought i had read it somewhere about Bundi upgrade and it is on page 17 of todays presentation:

? Bundi Project
? resource upgrades (mid August)
? JV partner (Late September)
? Columboola JV ? increasing JORC resource (late August)
? Surat Basin Rail ? further news expected
? Scoping Study for Bundi Underground mine commenced.
? We expect to achieve the exploration target of at least 2.5 Billion tonnes by December 2011

Other drilling and news 2nd half:

? In addition to the Bundi Project and the SinoCoal Joint Venture MetroCoal has an excellent resource base to provide development opportunities well in the future. These
include:

? EPC 1166 ? Dalby West
? Dalby West presents an
attractive target with well
developed coal seams at
relatively shallow depths.
Coal is ideally suited to
provide feedstock for Coal
to Liquids or will be mined
for export when
infrastructure is available.
? Exploration drilling will
commence in August 2011.
The Exploration Target for
this tenement is 160Mt to
220Mt *.

? EPC 1167 - Roma North
? Roma North includes the
Norwood Project area where
156Mt* inferred resource has
already been identified.
Extensive exploration target
exists to the west of Norwood.
Further drilling is planned during
2011 and 2012

There is alot of "most likely" positive announcements that will be coming out over the next 5 months to year end to support the current price based on the above and in all likelihood increase it substantially and get more brokers researching metrocoal.

Just other tidbits of information from prospectus:

Roma North - 890km2
EPC 1167
Prospective for underground mining and UCG. Western half is
relatively unexplored with little historic data
605Mt to 850Mt

Roma North - 3 areas
Norwood
14,490 Ha
? Currently within the MetroCoal geologically modelled area.
? It is contiguous with Bundi Project within the adjacent EPC
1164 Wandoan West tenement.
? Usable historic drilling is available with good intersections
of Macalister Seams such as hole R1618 (CR 11258) which
intersected 9m of the Macalister Upper seam.
? Infill drilling should bring this project area to resource status.
150Mt to 210Mt
Clifford
27,410 Ha
? Clifford is considered the second highest priority area after
Norwood based on available drill spacing.
220Mt to 310Mt
The Range
47,140 Ha
? The Range is the western half of the Roma North tenement and contains the ?Lacerta? coal seam gas field.
? Available geological drilling log data is limited within this area.
235Mt to 330Mt

Dalby West- 296km2
EPC 1166
Substantial coal tonnages expected in thick seam intersections.
Extensive historic data in areas adjacent to EPC1166. Depths
may be too shallow for UCG
160Mt to 220Mt

Dalby West - 2 areas
Ducklo
13,740 Ha
? Ducklo forms the western portion of the tenement and is relatively
untested by coal exploration.
? Historic drilling has identified significant coal intersections
immediately adjacent to the project area on all sides.
? There is high potential for significant coal resources within this target
area and therefore has a high priority.
? No historical drilling has been identified within this area and with
known coal occurrences along strike
80Mt to 110Mt
Dalby South
15,870 Ha
? Dalby South forms the eastern portion of the tenement and has
significant historical exploration.
? The Macalister Seam is too shallow for UCG and this area would be
considered as a potential underground resource.
? The Tipton CSG field encroaches onto the western edge of this
area.
80Mt to 110Mt
Total Exploration
Target Range 160Mt to 220Mt


Another interesting tidbit of information is that the JV is not just Bundi but also tina and may as per the following for EPC 1164 so this could be a very large deposit once all drilling has been completed on 3 areas:

Bundi
24,000 Ha
? The down dip extensions of Northern Energy?s ?Elimatta? deposit.
? The 2008 MetroCoal drill hole WW2 intersected 5.3m of
Macalister Upper and WW5C intersected 7.2m of coalesced
Macalister seam.
? A geological model has been generated using new and historic drilling data.
240Mt to 335Mt (currently 595mt and growing)

Tina
16,610 Ha
? Available geological data is restricted to CSG wells which all show significant intersections of Macalister seam.
165Mt to 230Mt (NO JORC recourse yet established)
May
24,950 Ha
? Covered by granted PLs and is considered an underground
mining target.
? CSG wells have identified significant coal intersections such as Woleebee East 1 which intersected 11.5m of coalesced Macalister seam.
250Mt to 350Mt (NO JORC recourse yet established)

The point for me is that it is not just the next 5 months but the next 18-24 months with the likelihood of multiple sites of drilling in multiple locations and firming up resources well beyond the 2.5bn tonne mark would be my guess. This is the beginning of a long term growth story in my opinion and it is certainly not too late to get onboard.