Bandanna Energy Limited (ASX:BND)
Brisbane, May 28, 2009 AEST (ABN Newswire) - Bandanna Energy Limited (ASX:BND) is pleased to announce an update to the Resources in EPC 1221 ("Arcturus Project") estimated in accordance with the JORC Code. Gordon Saul*, Principal Geologist of Resolve Geo Pty Ltd, consultants to Bandanna Energy Limited, has provided the attached Resource Statement.
EPC 1221 is 100% owned by Springsure Creek Coal Pty Ltd, a wholly owned subsidiary of Bandanna Energy Limited.
Summary of Resources
- An inaugural Indicated Resource of 54 Mt has been delineated.
- Inferred Resource at Arcturus has decreased from 138 Mt to 99 Mt, due to reclassification of some previously Inferred Resource to Indicated classification.
- Combined Inferred and Indicated Resource has increased from 138 Mt to 154 Mt.
A total coal Resource of 154 Mt is reported, which comprises 54 Mt of Indicated Resource and 99 Mt of Inferred Resource. This represents a significant upgrading of the reported Resource from the previously reported 138 Mt of Inferred Resource. The upgrading of the reported Resource follows a recent exploration program.
Coupled with the coal quality exploration results released to the ASX earlier today the Company is encouraged that Arcturus may host a moderate-energy, low-ash thermal coal deposit at depths compatible with open-cut methods.
In addition to on-going exploration activity and further analyses of core hole data Bandanna Energy is investigating marketability, financing and other key economic factors as a prelude to formally evaluating the potential for mine development.
For the complete Bandanna Energy Announcement and the Arcturus Resource Statement, please click the link below;
http://www.abnnewswire.net/media/en/docs/60808-ASX-BND-172315.pdf
Contact
Dr Ray Shaw
Managing Director
Tel: +61-7-3041-4400
Fax: +61-7-3041-4444
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