Other companies now waking up to the merits of exploring far...

Other companies now waking up to the merits of exploring far eastern Russia for its huge potential in untapped resources.

Linc Energy to evaluate coal/gas investment opportunities in Chukotka

Tigers Realm Coal (TIG), Australia’s largest investor in eastern Russia, is pleased to note the arrival of another Australian Resources company, Linc Energy, to Chukotka province in far east Russia. As announced to the ASX yesterday, Linc Energy has entered into a Letter of Intent and Services Agreement with LLC YakutMinerals, an affiliate of Ervington Investments Limited, to investigate the development of underground coal gasification, gas to liquids and other downstream opportunities in the Chukotka region.

Tigers Realm Coal CEO Craig Parry said “this potentially significant investment in a resources development by another Australian company re-affirms the attractiveness of the investment environment in Russia and particularly Chukotka. Chukotka province is hugely prospective for minerals and energy, hosting a number of the world’s great ore bodies including Tiger’s Amaam and Amaam North coking coal deposits. The province is an outstanding operating jurisdiction with a visionary and supportive Government and a strong regulatory and fiscal framework encouraging direct foreign investment. Chukotka will now play host to three western resources companies, Kinross (gold), TIG (coking coal), and Linc Energy (coal gasification), with projects either in production or development. This list adds to a growing number of other western resource companies active in eastern Russia including Rio Tinto, BHP Billiton, Petropavlovsk PLC, Highland Gold PLC, Ovoca Gold and Silver Bear Resources. We welcome Linc Energy to Chukotka, an area that is set to emerge as one of the world’s great mining provinces.”