minig services company wins major contract

RE: CARBON ENERGY – LETTER OF INTENT WITH THOMAS AND COFFEY
Metex Resources Limited (ASX: Code MEE) is pleased to advise that a Letter of Intent for works to
commence on the Carbon Energy Pty Ltd (Carbon Energy) Underground Coal Gasification (UCG)
demonstration at Bloodwood Creek, 55km west of Dalby in southeast Queensland, has been executed
with leading engineering and project management company, Thomas and Coffey of Brisbane, whereby
they are to be appointed construction and project managers for the Bloodwood Creek development.
This will enable Thomas & Coffey to commence preliminary works pending receipt of all necessary
permits and approvals.
The development is budgeted to cost approximately $20 million and entails the construction of a 1PJ
(petajoule) per annum syngas module. Further details of the objectives sought and the significant
commercial outcomes that may be achieved from the demonstration are included in the Company’s
recent September 2007 Quarterly Report to the ASX.
The Bloodwood Creek trial site is within a defined coal resource of over 100 million tones of high quality
coal, which is estimated to contain approximately 2,000 petajoules of energy, with approximately 1,000
petajoules being potentially recoverable utilizing Carbon Energy’s UCG process.
Carbon Energy is in the process of becoming a wholly owned subsidiary of Metex, with Metex evolving
into a significant energy company specializing in the development of UCG as a source of economic
quantities of syngas suitable for power generation and coal for liquids opportunities following the
successful completion of the UCG Demonstration at Bloodwood Creek development.
A related Media Release is attached hereto.
For and on behalf of the Board