Wallarah 2 Coal Project near Wyong is looking to mine up to 650m deep and its thermal coal.
BHP's Appin is about 400m deep and its thermal coal too I believe.
Centennial Coal is mining parts of the Central Coast at 350 - 550m and their coal goes to power stations on the central coast.
Underground Mining of thermal coal is economically viable.
CGV has been turned into a coal exploration company, they are meant to be spending money on drilling.
If it cost $100,000 a hole for Bowen Basin, 4 chips holes and a cored hole could confirm an initial small-medium JORC resource, a substantial Exploration Target resource and put some value back into the stock.
Worst case is they drill 3 holes and get nothing...they've spent $300,000 doing what they said they would do...explore for coal.
I'd prefer them spending some money on something rather than sitting on their backsides doing nothing.
CGV Price at posting:
1.7¢ Sentiment: None Disclosure: Held