Quarterly Cashflow and Activities Report
Perth, April 30, 2012 AEST (ABN Newswire) - The directors of Padang Resources Limited (
ASX:PXR) have pleasure in presenting their quarterly report for the period ended 31 March 2012.
Operations Report
March Quarter 2012
Company Profile
Padang is an Australian based Resources Company focused on the acquisition of exploration and near production assets across the international resources sector, in particular coal in Indonesia.
Padang is strategically aligned to secure advanced projects that are located in close proximity to all key infrastructure and support services. This presents Padang with the opportunity to take advantage of both the internal markets of South-East Asia and the export markets.
West Sumatra
On 6 October 2011, PXR announced that it had executed an agreement, subject to certain conditions, to acquire all the issued shares in the capital of Lumpo Resources Pte Ltd (Lumpo), which has entered into a binding MOU with PT Tammbang Batubara Lumpo (TBL), to acquire a 65% joint venture interest in its coal project in Western Sumatra, Indonesia (Lumpo Project).
The Company held numerous discussions with the permit owner in early January and February 2012 and was successful in obtaining a verbal agreement to allow the Company additional time to complete the technical due diligence. Whilst discussions were being held with the permit owner, the Company actively sourced additional advanced high quality coal projects near term to production (ie the Paser Project) and also prospective early stage coal exploration projects in Indonesia. The Company is close to making a decision on the Lumpo Project and will update the shareholders with any material developments.
West Papua
In 2010, Padang announced the proposed acquisition of a 75% interest in 1,970 km2 of tenements in West Papua province of Indonesia. Padang is still not comfortable with the Due Diligence on this project and Padang is carefully and concisely establishing its next steps on West Papua.
Tanami Project
Padang currently holds a granted exploration licence and has applications for other licences between Browns and Supplejack Ranges, 70 kilometres north of Tanami and 700 kilometres northwest of Alice Springs in the Northern Territory.
Material developments post end of the March Quarter 2012
On 16 April 2012, PXR announced that it had executed an agreement, subject to certain conditions, to acquire 70% the issued shares in the capital of Paser Pte Ltd (Paser), which has entered into a binding MOU with PT Gunung Mentari Mining (PT GMM), a company incorporated in Indonesia, to acquire a 100% joint venture interest (JV Interest) in a coal project in East Kalimantan, Indonesia (Paser Project).
A market research report regarding the Paser Project was released on 30 April, 2012.
Guy Le Page
Chairman
To view the complete Padang Resources Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PXR-587936.pdf
Contact
Padang Resources Limited
T: +61-8-9429-2908
WWW: www.padangresources.com.au
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