Location of Arcturus Project Area
Brisbane, Aug 7, 2009 AEST (ABN Newswire) - Bandanna Energy Limited (ASX:BND) is pleased to announce that it has engaged an independent consulting group to undertake a Concept Study for the development of its Arcturus Project as a potential open cut thermal mine. EPC 1221 is 100% held by Springsure Creek Coal Pty Ltd, a wholly-owned subsidiary of Bandanna.
The Concept Study will investigate the technical and financial viability of developing an already identified resource (comprising 54 Mt and 99 Mt of JORC Code-compliant Indicated and Inferred Resource respectively), into a conventional open cut mine.
Arcturus is strategically located with respect to infra-structure being positioned approximately mid way between the Felix operated Minerva coal mine (located on the Springsure rail corridor) and the Xstrata operated Rolleston coal mine (located on the Rolleston rail corridor). The project is located 350 kilometres by rail west of the port of Gladstone and 30 km to the south of Emerald.
Together with Dingo West, Arcturus is one of two potential open cut mine Projects held 100% by Bandanna in the highly prospective Emerald - Blackwater region of Queensland's Bowen Basin.
The Concept Study will look at a range of development scenarios and potential product specifications as well as potential product markets, potential joint venture participants, and synergies for dual development with the Company's adjoining Springsure Creek Project. The Concept Study is expected to be completed within 3 to 4 months and will be a precursor to any future feasibility studies.
"This is the first study of this type undertaken by the Company and highlights both our focus on developing Arcturus as an open cut opportunity and of the overall maturing nature of the Company's key exploration assets", Bandanna's Managing Director, Dr Ray Shaw, said.
Contact
Dr Ray Shaw
Managing Director
Tel: +61-7-3041-4400
Fax: +61-7-3041-4444
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