News: Tiaro Coal adds new substantial shareholders

Tiaro Coal (ASX:TCM) has received notices of initial substantial shareholding from Sing En Chan and Zaheer Merchant with 5.69% and 7.2% interests respectively through participation in its private placement.

Sing had acquired 7.5 million shares priced at $0.02 each, or a total of $150,000, while Merchant bought 9.5 million shares totalling $190,000.

Tiaro will allocate the funds to the coking-PCI coal mine in Queensland with its T9 West Project Pre-Feasibility Study now at the mine planning and economic analysis stage.

Data from two recent exploration programs have been interpreted and inputted into an updated geological model.

These consist of four open holes and one core hole as well as three large diameter drill holes that have confirmed coking coal properties for seams in the upper target sequence.

Xenith Consulting, who previously completed a review of the T9 West Area and prepared an Initial Mine Plan, will undertake these sections of the PFS.

T9 West currently has a total Resource of 87 million tonnes. In addition, a conceptual 200Mt to 300Mt Exploration Target has been estimated for the greater T9 – Shady Camp area located within Paragon Coal’s EPC 956 and EPC 957.

Tiaro holds a 47.6% interest in Paragon Coal. China Qinfa Group and ICP Ltd hold 40.5% and 11.9% of Paragon.

The PFS is scheduled to be at completed by the end of 2014 at which stage Tiaro will be seeking funding to enable the T9 West Project to advance to Feasibility and Environmental Impact Study stage.

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