Half Year Accounts
Brisbane, Mar 11, 2016 AEST (ABN Newswire) - During the six months to 31 December 2015, Stanmore Coal Limited (
ASX:SMR) completed the acquisitions of the Isaac Plains Coal Mine and the adjacent development project known as Isaac Plains East (formerly Wotonga).
In December 2015 the Company appointed Golding Contractors Pty Ltd (Golding) as the head contractor at Isaac Plains with a scope of services including overburden removal, coal mining and operation of the coal processing plant. The majority of recommissioning works was undertaken in November and December 2015 with the dragline overhaul completed in January under budget. Minor works are ongoing at the coal processing plant with first coal on schedule for April 2016. Mining will commence at a target rate of 1.1 million tonnes per annum of product coal, selling a high proportion of metallurgical coal with a thermal coal by product.
The Company has been focused on exploration delineation activities at Isaac Plains East with core drilling, 2D seismic and line of oxidation drilling within the targeted mining area underway since October 2015. It is anticipated that the program will enable the Company to place a maiden JORC Resource within Isaac Plains East with mining studies to follow. Long lead items, such as environmental monitoring, relating to the approval process for the project have also commenced.
Within the balance of Stanmore's portfolio only minimal exploration and compliance works have been undertaken, with the exception of the Clifford Project. Further field exploration and laboratory quality analysis was undertaken at the Clifford Project in conjunction with funding partners JOGMEC. This program resulted in a maiden JORC Resource1 of 370Mt, with 80Mt Indicated Resource and 290Mt Inferred Resource across the Liberty and Grange deposits. Both deposits showed encouraging initial in-situ strip ratios of 7:1 and 6:1, respectively, with further onsite exploration activities and laboratory quality analysis commenced in 1Q2016.
To view the report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-SMR-912235.pdf
About Stanmore Coal Limited
Stanmore Coal (ASX:SMR) is an operating coal mining company with a number of additional prospective coal projects and mining assets within Queensland's Bowen and Surat Basins. Stanmore Coal owns 100% of the Isaac Plains Coal Mine and the adjoining Isaac Plains East Project and is focused on the creation of shareholder value via the efficient operation of Isaac Plains and identification of further local development opportunities. Stanmore continues to progress its prospective high quality thermal coal assets in the Northern Surat Basin which will prove to be valuable as the demand for high quality, low impurity thermal coal grows at a global level. Stanmore’s focus is on the prime coal bearing regions of the east coast of Australia.
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