Atomic has just released an update on the Ngaka BFS.In short,...

Atomic has just released an update on the Ngaka BFS.

In short, the BFS is on track to be completed in early 2010, with most of the major elements already complete, and those elements outstanding are expected to be completed within the next few weeks.

This is particularly good news for shareholders as the BFS will provide an opportnity for a market re-rating. The completion of the BFS will be followed by project financing discussions with various banks, and the Company is confident it can begin mine development work within 12 months of the BFS being completed.

Drilling and bulk sampling work will recommence on site in February, once the annual rainy season is finished. Atomic expects to be able to provide washed samples of thermal coal to potential customers as early as late March/ early April (weather permitting), and should be in a position to revise its JORC resource with the completion of the drilling campaign at Mbalawala and Mbuyara.

ATQ also announced that it expects to announce the appointment of a new Managing Director and a new Chief Financial Officer shortly. These appointments reflect the company's transition from explorer to producer.

Further updates will be provided in the December Quarter Report.