From JB:"As discussed we announced the commencement of decline...

From JB:

"As discussed we announced the commencement of decline development on 8 February 2012.

We advised initially that decline development would be slower in the initial phase given that blasting activities would not be completed on a daily basis.

As at the end of March 2012 we advised that total decline length was approx. 77m, and that was completed over approx. 55 days, thus suggesting a daily rate of about 1.4m.

We have today announced that the total decline length has advanced a further 58m to 135m, thus suggesting a daily advance rate of almost 2.0m which is entirely consistent with our announcement of 8 February.

It is incorrect to assume development rates for the declines to be linear, particularly for the initial development and that we have only reported decline development distances accomplished over not even 90 days.

If there is any material delay in the decline development then it will be advised to the market."

From the ann on 8/2/2012:

Murray and Roberts completed the mobilisation of all the major decline development equipment to the Penumbra Coal Mine site on 16 January 2012. In addition Murray and Roberts have completed
construction of the site office laydown area with the necessary concrete slabs, offices, change house and workshops established ahead of the commencement of the development of the twin declines. The temporary power supply, in the form of a diesel generator and compressor, has also been installed ready for the decline development.

Preparation of the twin declines, being the belt and the travelling roads, by Murray and Roberts, through the installation of spilling bolts into the perimeter of the excavations was completed in late
January and early February 2012. Drilling of the first rounds for blasting the initial 2m of advance was completed on 4 February 2012, with the first blasts in the decline completed on 6 February 2012.

Development of the declines will now continue with blasting in the declines allowing approx 2.2m of advance to be completed every second day in each decline with the associated ground support
completed. The declines and support pillar between the declines will be covered with shotcrete over the initial 10m of the decline to ensure stability of the area for the life of the mine. Once this has
been completed decline development will accelerate, with blasting activities completed on a daily basis to ensure that the project will be completed on schedule.

http://www.conticoal.com/_content/documents/353.pdf