Full Year Statutory Accounts and Additional Shareholders Info
Perth, Sep 28, 2012 AEST (ABN Newswire) - Padang Resources Limited (
ASX:PXR) is pleased to provide the Company Full Year Statutory Accounts and additional Shareholders info for the year ended 30 June 2012.
Dear Shareholder
Welcome to the 2012 Annual Report of the Company.
There have been some significant developments over the recent months, which we believe will have a material influence in regard to the future prospects of the Company. In particular, this is with regard to the Company's focus on the Indonesian resources sector. Since October 2010, the Company has been actively pursuing transactions in Indonesia and, specifically, transactions involving coal assets in West Papua, West Sumatra and East Kalimantan.
On 16 April 2012, PXR announced that it had executed an agreement, subject to certain conditions, to acquire 70% of 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).
Since announcing the intention to acquire the Paser Project, the Company has completed a detailed legal and technical due diligence program. The due diligence program validated the status and legal ownership of the coal mining permit and confirmed the existence of 3 potential coal seams with a relative north-south pattern of strike and thicknesses varying from 0.4 to 3.4 meters.
The next step for PXR in the development of the Paser Project is the acceleration of its drilling program, which will be designed to target a number of near-surface coal targets delineated from previous surface mapping, resistivity surveys and drilling. The proposed drilling program will be designed to confirm coal quality and the depth, thickness and spread of coal seams below surface.
During the financial year, the Company has issued a further 41,817,339 fully paid ordinary shares, raising a cash total of $1,338,155 prior to capital raising cost.
Outside of this reporting period the Company appointed Mr Peter Woods as Non - Executive Chairman of the Company. Mr Woods has extensive Board and political experience in both the public and private sectors, both nationally and internationally, especially the Asia Pacific. The former Chairman, Mr Guy Le Page, remains on the Board as a Non Executive Director.
At the general meeting of the Company's shareholders on 10 August 2012, the shareholders approved the Company's significant change in the nature or scale of the Company's activity, via the completion of the acquisition of the Paser Project. With the necessary approvals in place, the Company is committing to the acceleration of a drill program to be followed, subject to results, with a mine plan.
The 2012/2013 period for Padang will be an exciting time with the Company undertaking an advanced thermal coal project in Indonesia with the opportunity to acquire other projects, through our experienced in country management team.
For more information visit http://www.padangresources.com.au
On behalf of the Directors of the Company I would like to thank you for your support during a somewhat difficult period for the Company.
Guy Le Page,
Non Executive Director
View the complete Padang Resources Annual Report at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-PXR-606040.pdf
Contact
Padang Resources Limited
T: +61-8-9429-2908
WWW: www.padangresources.com.au
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