Tiaro Coal Limited
ASX:TCM ISIN:AU000000TCM4
Tiaro Coal Limited (Tiaro Coal) was established for the specific purpose of acquiring from Hudson Resources Limited (HRL) all of the issued capital of Tiaro Energy Corporation Pty Ltd (TEC), through which Tiaro Coal proposes to develop the Tiaro Coal project. TEC is a member of a joint venture called the Tiaro Coal Joint Venture (TCJV). The Tiaro coal field (Tiaro) is located in south eastern Queensland. Tiaro Coal holds, through its wholly owned subsidiary TEC, a 33.33% interest in TCJV and has exercised the option to earn an 80% interest in the TCJV. The TCJV holds applications for exploration permit for coal (EPCs) over an area of 2,200 square kilometers, which is underlain by Tiaro Coal Measures.
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Dynasty Metals Australia Limited (ASX:DMA) refers to its previous announcement on 29 May 2012 in relation to its minority interest of 8.65% in a joint venture company with a subsidiary of Tiaro Coal Limited (ASX:TCM) ('Tiaro Coal').
Dynasty Metals Australia Limited (ASX:DMA) advise that Tiaro Coal (ASX:TCM) received very encouraging results from a shallow seismic survey completed during February and March.
Australian sharemarket dropped on Thursday due to concerns that China's bank lending halt may hit the global economy recovery. Chinese government data showed that GDP increased by 8.7 per cent in 2009 but inflation surged towards the end of the year. The results fuelled the expectations that China will introduce more measures to slow inflation. At the close on Thursday, the benchmark S&P/ASX200 index was down 41 points, or 0.8 per cent, at 4827.2, while the broader All Ordinaries index lost 45.8 points, or 0.9 per cent, to 4849.6.
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