High quality coking coal project, and this does not even include the thermal prospects:
• A 50 - 70 million tonne (Mt) Exploration Target.
• 40-50Mt of this target is at a depth of less than 100m, with 10-20Mt from 100m to 150m has been identified through basin-wide modelling of archived drilling information within EPCs 923 and 1082 - the Maryborough Hard Coking Coal Project.
• This target is in addition to the 5Mt Inferred Resource of Hard Coking Coal announced in July 2009.
• Revised planning for the development of the Colton 0.5Mtpa hard coking coal mine in calendar 2010, with first cash flow targeted in FY2011.
• A Mining Lease Application to be made in the next quarter.
• Large diameter core and an open hole drilling programme is underway to provide further resource definition, coal quality and washability information and verification of historical data.
NEC Price at posting:
$1.10 Sentiment: Buy Disclosure: Held
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