Kuro Completes Strategic Acquisition at Panorama Project
Perth, July 15, 2014 AEST (ABN Newswire) - Atrum Coal NL ("Atrum" or the "Company") (
ASX:ATU) (ATRCF:OTCMKTS) is pleased to announce that its wholly owned subsidiary, Kuro Coal Limited ("Kuro"), which is to be separately listed on the ASX under the code "KCO" following an Initial Public Offering, has agreed to acquire 100% of a substantial coal licence package contiguous with its existing Panorama Anthracite Project ("Panorama") located in British Columbia, Canada.
Commenting on the acquisition, Executive Director Mr Russell Moran stated:
"Kuro has increased its exploration foot-print in the Panorama area. We are planning a maiden exploration program which can commence once regulatory approvals are received."
The acquisition includes ten coal licence applications ("Panstone Applications") covering a total of 13,787 hectares. It provides Kuro with a substantial consolidated footprint totalling 33,012 hectares in the Panorama Coalfield which is located to the West of Groundhog and expected to host high grade anthracite.
The Company will immediately commence the transition of the Panstone Applications to granted coal licences as part of the preparation for the 2014 exploration activities.
Atrum is finalising working arrangements with Kuro including marketing and logistics prior to the planned IPO.
About Atrum Coal Limited
Atrum Coal Limited (ASX:ATU) is a metallurgical coal developer. The Company flagship asset is the 100%-owned Elan Hard Coking Coal Project in southern Alberta, Canada. Elan hosts large-scale, shallow, thick, hard coking coal (HCC) deposits with a current JORC Resource Estimate of 298 Mt (70 Mt Indicated and 228 Mt Inferred). Comprehensive quality testing of Elan South coal on samples from the 2018 exploration program, combined with review of substantial historical testwork data for the broader Elan Project, has confirmed Tier 1 HCC quality.
The initial focus for development is the Elan South area, which is located approximately 13 km from an existing rail line with significant excess capacity, providing direct rail access to export terminals in Vancouver and Prince Rupert. Elan South shares its southern boundary with Riversdale Resources Grassy Mountain Project, which is in the final permitting stage for a 4.5 Mtpa open-cut HCC operation. Around 30km to the west, Teck Resources operates five mines (the Elk Valley complex) producing approximately 25 Mtpa of premium HCC for the seaborne market.
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