Clean Global Energy (ASX:CGV) Highlights Company Achievements And Future Opportunities In 2010 Annual Report

Sydney, Oct 1, 2010 AEST (ABN Newswire) - Clean Global Energy (ASX:CGV) is pleased to announce the release of the first annual report since the successful reverse merger between Clean Global Energy Ltd and International Resource Holdings Ltd, and Clean Global Energy's public listing and capital raising of A$6 million.

Chairman, John Harkins, said the company was continuing the focus to retrieve stranded energy in coal assets and to release this energy as syngas by applying the company's proven underground coal gasification technology to specially selected coal seams that were not commercially viable for traditional mining extraction methods.

"Since listing, Clean Global Energy has diligently progressed the timetable outlined in the prospectus and has announced a 38 million tonne JORC Inferred Resource in our Queensland project."

"As we await the Queensland Government's 2012 decision on allowing commercialisation of UCG in that state, further drilling to expand this target to 183 million tonnes will be temporarily suspended."

"In other business developments, geological investigations have begun on the new Gippsland project in Victoria as a further opportunity to apply our technology after CGE was granted a coal tenement in June."

"And progress continues with coal lease holders in Inner Mongolia, China, to pursue development of a pilot UCG plant which would see our UCG technology being a first mover in that country, supported by the new Hong Kong entity, AuSino Energy, to lead fund raising for this business venture."

Mr Harkins said the consolidated total operating loss of A$1.6 million was expected, given the fast-moving activity so far undertaken to maximise shareholder value in the near future. He said a non-cash charge of A$1.2 million was also booked in relation to the takeover of International Resource Holdings Ltd, in compliance with the dictates of international accounting standards.

"Our engineering designs on both underground and surface facilities are near completion providing the company with more commercial opportunities ahead of existing projects."

"There can be no denying that the level of public interest in cleaner energy production is uppermost in the minds of politicians both locally and globally, and that represents an ideal opportunity for Clean Global Energy's technology."

Mr Harkins said Clean Global Energy has a long and large future in providing cleaner coal technology solutions for Australia and globally, enabling coal to remain the original energy source for power stations.

He also said a carbon price in Australia was inevitable and would give certainty to the industry.

"It will give traction to companies like us because of the much reduced carbon footprint that our technology application produces."

"We've been denied that traction in the markets for some considerable time. A carbon price will enable us to take our proper place at the table in terms of contributing in a much cleaner way to energy production in Australia and elsewhere, a much cleaner way of utilising coal."

Contact

John Harkins Chairman and CEO Clean Global Energy Limited Tel: +61-2-9230-0318 http://www.cleanglobalenergy.com.au