Pan Asia Corporation Limited (ASX:PZC) Maiden Resource Statement For TCM Coal Project, Indonesia

Sydney, May 11, 2010 AEST (ABN Newswire) - Pan Asia Corporation Limited (ASX:PZC) are very pleased to announce the maiden resource statement, reported in accordance with the JORC Code, for the TCM Coal Project located in South Kalimantan, Indonesia.

The maiden resource comprises 19.7 million tonnes of coal in an Indicated category. In addition, there is an Inferred resource totalling 11 million tonnes. Coal quality for each of these resources has been included in Table 1 (refer to the link at the bottom of release).

The coal resources have been defined in the southern part of the TCM concession, covering approximately 16% of the 4,150Ha concession area and immediately adjacent to the 2Mtpa ATA open pit mine currently operated by PT Arutmin Indonesia (part of PT Bumi Resources Tbk Group (JAK:BUMI). Drilling undertaken by PZC has targeted the down-dip position of the coal seams mined in the ATA open pit.

Resources calculations have been conducted by independent consultants, PT GMT Indonesia, based on 2,835.9m of open-hole and diamond core drilling. A total of twelve (12) holes have been drilled, with nine (9) holes used in the resource calculations. Down-hole geophysical logging was performed on all drill holes.

Further drilling is planned to be undertaken in the central and north-western parts of the TCM concession, focussing along the western boundary. The northern-most hole, TCM-12, returned one of the best coal intersections from drilling to date, indicating good potential for the definition of further coal occurrences as the new drill program advances. This drilling, scheduled to begin in coming weeks, is aimed at defining further resources down-dip of existing coal exposures in the ATA concession area.

The Company continues to investigate options to develop both an open pit and an underground mining operation at TCM. As previously advised, a MOU has been signed with one of the mining contractors responsible for open pit operations within the ATA concession, whereby the contractor will be looking to expand the ATA open pit into TCM. The current ATA pit high-wall has reached the ATA-TCM boundary thereby limiting further mining activities.

Technical investigations and survey work is currently being performed by the contractor and results are expected to be made available in the coming weeks. Further, PZC continues to evaluate potential partners to undertake underground mining at TCM.

CEO Alan Hopkins commented "This is a significant achievement by the company, providing a JORC-resource of significant size within a relatively short period of time and within a very modest budget. It again highlights the prospectivity of the Innovation West assets and the excellent relationships with Indonesian stakeholders."

For the complete Pan Asia Corporation announcement, please refer to the following link:

http://www.abnnewswire.net/media/en/docs/62833-ASX-PZC-490806.pdf

Contact

Alan G. Hopkins Chief Executive Officer Pan Asia Corporation Tel: +61-8-9381-5819