Bandanna Energy Limited (ASX:BND)
Brisbane, June 17, 2009 AEST (ABN Newswire) - Bandanna Energy Limited (ASX:BND) is pleased to provide the attached Report on the Exploration Target for the Northern Area of EPC 1049. This report identifies, in accordance with the JORC Code, a significant coal exploration target of 570 Mt to 960 Mt (average 830 Mt) within an area of approximately 100 km2 of EPC 1049. This target relates only to the daughter seams of the D1 and D2 seams.
Delineation of this Exploration Target follows, and is in addition to, the release to the ASX on 1 June 2009 of a JORC compliant Inferred Resource of 982 Mt for the D1 and D2 seams - also identified within EPC 1049 to the east of the Exploration Target area.
EPC 1049 is one of four tenements comprising the Alpha Project, located in the eastern Galilee Basin of Queensland. Under the terms a Farm-in and Joint Venture Agreement with Bandanna, AMCI can earn up to 50% interest in the Alpha Project by spending up to A$25 million over three years. Bandanna, through its wholly owned subsidiary, Alpha Coal Pty Ltd, will retain the remaining 50% interest. Further exploration drilling and conceptual development studies will be undertaken during the coming 12 months.
EPC1049 lies immediately to the south of Waratah Coal Limited's tenements, which have been in the press recently following Waratah Coal's announcement that it had entered into an MOU with China Metallurgical Group Corporation for a joint venture to develop a US$5.15 billion, 40 million tonnes per annum mine.
For the complete Bandanna Resources Announcement, and the Exploration Target Report which has been prepared by Gordon Saul*, Principal Geologist of Resolve Geo Pty Ltd. please click the link below;
http://www.abnnewswire.net/media/en/docs/60908-ASX-BND-172559.pdf
Contact
Dr Ray Shaw
Managing Director
Tel: +61-7-3041-4400
Fax: +61-7-3041-4444
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