This is the ann. back in Sept08.Let see if things will start...

This is the ann. back in Sept08.
Let see if things will start moving with some Cash in the Bank.

http://media.wotnews.com.au/asxann/00884671.pdf

26 September 2008
SAMSCOR\S100
The Company Announcements Platform
ASX Limited
SYDNEY NSW 2000
By E-lodgement
ACQUISITION OF INTEREST IN INDONESIAN COAL PROJECTS
Highlights
• Sam’s Seafood Holdings Limited will pay US$300,000 and issue 100 million ordinary shares, 50
million Class A Performance Shares, 50 million Class B Performance Shares and 50 million
Class C Performance Shares to acquire a 100% interest in Triumph West Pty Ltd (“Triumph”).
• Triumph has the rights to 80% of the shares in two Indonesian PMA companies, which owns the
mining rights to a coal concession near Batulicin in South Kalimantan Province of the Republic
of Indonesia under mining authorities known as Kuasa Pertambangan (KP).
• This concession covers an area previously explored by PT. Arutmin Indonesia (BHP Minerals)
and in the near vicinity of three exploitation/production licenses currently being mined by PT
Arutmin Indonesia (now PT Bumi Resources, Tbk).
• It is proposed that initial activity will be concentrated on the exploration and development of
underground coal resources. The intention is to secure a long term off-take agreement from a
partner that will undertake all exploration and development activities in return for future delivery
of coal.
1. ACQUISITION OF TRIUMPH WEST PTY LTD
Sam’s Seafood Holdings Limited (Company) has entered into a share sale agreement with the
shareholders of Triumph West Pty Ltd (Triumph) to acquire 100% of their shares in Triumph in
consideration for a cash payment of US$300,000 and the issue of 100 million ordinary shares, 50
million Class A Performance Shares, 50 million Class B Performance Shares and 50 million Class
C Performance Shares.
Triumph has secured the right to acquire an 80% interest in two Indonesia PMA companies that, in
turn, have the rights to a coal project in South Kalimantan.
Details on the coal project are set out below:
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1.1 Overview of the Coal Project
Overview and Location
Triumph, through the Indonesian PMA companies, has the exploration rights for underground coal
deposits covered by a KP in South Kalimantan. The granted exploration KP, in the name of PT
Roda Niaga, covers an area totalling 6,412 hectares and forms part of a relinquished portion of the
PT Arutmin contract of work that lies immediately South-Southwest of the Mereh block in the
Batulicin area of South Kalimantan. This KP covers the down dip continuation of the coal seams
that are currently being mined in the Saring and Mereh block deposits by PT Arutmin as shown in
Figure 1.
Based on previous exploration results, Triumph considers that the potential tonnage of coal in the
underground seams lying between the Ata and Mereh deposits is significant. However, insufficient
work has been completed to date to enable a JORC compliant resource estimate to be determined.
The Company intends to engage an Australian geologist and mining engineer to review the
previous exploration data to form a view on the resource potential and determine what additional
work may be required to release a JORC compliant resource estimate.
Figure 1: Location Plan of PT Roda Niaga KP relative to Ata, Saring and Mereh coal deposits.
Infrastructure and Mine Development
The exploration area has direct access via a haulage road to a jetty and port facilities.
The existing road quality is good, being previously constructed for logging activities of a Korean
timber company, and recently improved for mining activities. The roads are used and maintained
as coal hauling roads of PT. Arutmin, Indonesia and other small mining companies. This ex-logging
road is now under the control of the provincial government.
There are many barge loading ports operating at the coastal area, owned and operated by
Indonesian private companies, including a few ports exclusively dedicated to support PT. Arutmin’s
trans-shipment activities.
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There are also two coal terminals accessible by max. 180,000 DWT coal carriers located at North
and South of Pulau Laut Island. The North Pulau Laut Coal Terminal (NPLCT) is exclusively
operated by PT. Arutmin. The other coal miners can use South Pulau Laut Coal Terminal (or
Indonesian Bulk Terminal (IBT)) which is owned and operated by an Indonesian private company
to ship large quantities of coal to the export market.
However, Southeast Asian and domestic markets are usually serviced by 3,500 to 10,000 DWT tug
and barges, so they do not need to use such NPLCT or IBT. Many offshore points distanced only
about 20 km to 40 km from barge loading ports are often used to trans-ship coal from barges to
geared vessels.
Additional Concession Areas
In addition to the granted KP (PT Roda Niaga) referred to above, Triumph is confident that it will
secure two (2) further additional concessions within the same area that will enhance the current
project. These two (2) concessions (Harun 1 & 2), totalling 13,712 hectares are shown on Figure 2
below.
Figure 2: Location Plan of the three KP’s
General
A report from Cicip Hadisucipto, an Indonesian Geologist/Coal mining Economist on the
underground coal mining prospects in the Batulicin area details the potential for underground coal
mining prospects, excerpts from which are described below:
The Batulicin Area describes an area of deposits which surround the Town of Batulicin, instead of
individual deposits within the area. This area is about 36 km wide and 30 km long, as illustrated
below:
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Figure 3: Geological Map Batulicin Coal Project Area. NB: The reference to “resource” in the figure above is not a
reference to a “resource” as contemplated by the JORC Code. It is simply a reference to the project area.
Coal geology of the Study Area
Preliminary reports indicate that coal seams in the study area occur in the middle sequence of the
Ecoene Tanjung Formation, having a strike direction parallel to the Meratus Mountain Range. The
Tanjung Formation is unconformably deposited over the Pre-Tertiary Basement, having a total
thickness of up to 250m, and consisting of terrestrial basal conglomerates overlain by coal seams
and marine mudstone.
In the western PT. Arutmin concession (ATA Block), there are up to 4 coal seams which have been
mapped within the T2 unit, but only the basal seam has attained economic thickness, the Sela
Seam. In the middle and eastern part of study area, PT. Arutmin reported only two coal seams,
higher ash content and lower calorific value compared to the above mentioned western block.
From the structural geology point of view, coal seams in the study area present as a series of
anticlines-synclines, except monocline in the most west and eastern parts, close to the basement
high. From west to east, there is Cantung Syncline on the west, Saring Anticline on the middle and
Mereh Syncline in the east. The Batulicin Fault divides the study area into north and south regions.
A geological map of the study area is shown on Figure 3.