Mining Lease Issued to Oracle Coalfields

RNS Number : 1544B

Oracle Coalfields PLC

12 April 2012

 



12 April 2012

Oracle Coalfields PLC

("Oracle" or "the Company")

Mining Lease Issued to Oracle Coalfields PLC

Oracle Coalfields PLC (AIM:ORCP), the coal developer of a lignite mineral property in the south-eastern part of Sindh Province, Pakistan, has been granted through its 80% owned local subsidiary, Sindh Carbon Energy Limited, a Mining Lease (Notification Number No.DMD/S/Ex-L-Coal(11)/12/1325 dated 11 April 2012) by the Director General, Mines & Mineral Development, Government of Sindh, Pakistan.

The Mining Lease applies to 66.1 square kilometres of Block VI of the Thar Coalfield for coal mining and is granted under division 5 Part III of Sindh Mining Concession Rules, 2002. The Lease extends for thirty years and may be renewed for a further thirty year period on the same terms and conditions as this Mining Lease or on terms and conditions as may be mutually agreed between parties at the time.

Shahrukh Khan, CEO of Oracle, said:

"This is a significant step for Oracle as we move towards becoming a major coal producer in Pakistan. The Company continues to achieve its objectives and today's news builds on our recent technical feasibility study which showed that, in Phase 1 of our mining area, we have proven JORC  coal reserves of 113 million wet tonnes from the JORC Mineral Resource of 529 million wet tonnes.

"The need for coal to fuel the rising demand for energy in Pakistan is well understood. We will now implement a pre-development programme on site prior to bringing the mine into production."

For further information:

Oracle Coalfields PLC     Shahrukh Khan                                                                 [phone]

Blythe Weigh Communications

                                                Tim Blythe, Susan McKenzie, Robert Kellner      [phone]

Novus Capital Markets

                                                Nicholas Lee, Charles Goodfellow                           [phone]

Libertas Capital Corporate Finance Limited                                                         [phone]

                                                Sandy Jamieson, Neil Pidgeon

 

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