Ncondezi Project Coal Resource Upgrade

RNS Number : 6715Z

Ncondezi Coal Company Limited

20 March 2012

 



March 20, 2012

NCONDEZI COAL COMPANY LTD

 ("Ncondezi" or the "Company")

Coal Resource on Ncondezi Project Upgraded to 4.7 Billion Tonnes and Update on Other Licences

Ncondezi Coal Company Limited (AIM: NCCL), a coal exploration and development company with coal assets in the Tete Province in Mozambique, announces a coal resource update on the complete Ncondezi Project including coal resources from previously excluded East, West and River blocks as part of the Company's on-going work programme to complete a definitive feasibility study ("DFS") by Q3 2012 (the "DFS Work Programme").

Highlights:

·      Total JORC coal resource on the Ncondezi Project upgraded to 4,655 million tonnes¹ as a result of additional coal resources being classified on the East, West and River blocks

-  Maiden coal resource of 716 million tonnes¹ classified on the East Block, of which 65% is classified in the indicated category

-  Inferred resources of 1,203 million tonnes¹ and 898 million tonnes¹ classified on the West and River blocks respectively

·      Represents an increase of 157% compared to maiden 1,809 million tonnes¹ JORC coal resource classified in February 2010

·      Includes 1,338 million tonnes of coal classified in the indicated category, a 108% increase over the measured and indicated resources classified in the 2010 maiden resource

·      4,071 million tonnes of the updated coal resource occur at depths of less than 250m below surface and are considered potentially mineable by open pit

·      Only the South, North, Central and East blocks will be included in the DFS, representing 2,555 million tonnes¹ of coal, of which 52% is classified in the indicated category

·      East Block coal zones are identified at surface and extend below 340m

·      Wash yields indicate that the East Block has higher quality coals with higher yields compared to other blocks in the project

Graham Mascall, CEO of Ncondezi Coal Company, commented:

"The increased resource estimates represent a significant development for the Ncondezi Project and are a clear indication of its full potential. All resource blocks on the Ncondezi Project have now been modelled, and we are pleased to note that of the 4.7 billion tonnes classified, 1.3 billion tonnes has been classified in the indicated category which is eligible for transition into mineable coal reserves. The East Block's size, classification and higher average product yields suggest that it will form a significant part of the final mine plan. The next phase of the DFS work programme will focus on mine optimisation and scheduling. Further updates and guidance on the Ncondezi Project will be made as information becomes available during the year, with an update on coking coal potential expected in the next 4 to 6 weeks."

Ncondezi Project Resource Update

The DFS drill programme, completed in September 2011, identified six discrete coal blocks within the Ncondezi Project area that contained coal at depths amenable to open pit mining.  These blocks are identified as the North, South, Central, East, West and River blocks. This announcement includes the updated and maiden resources for the East, West and River blocks. 

Following the provisional resource estimate announced on 21 December 2011 from the Company's independent geological consultants, Mineral Corporation Consultancy (Pty) Ltd ("TMC"), TMC have now completed geological modelling on the final three coal blocks, East, West and River blocks, and have provided an updated JORC resource classification for the whole Ncondezi Project.

For the East Block, a coal resource of 716 million tonnes² has been classified, of which 465 million tonnes² (65% of total resource) is classified in the indicated category. For the West and River blocks, where drilling has  been completed to a lesser drill hole spacing, inferred resources have been classified of 1,203 million tonnes² and 898 million tonnes² respectively.

The total JORC coal resource on the Ncondezi Project is now estimated at 4,655 million tonnes³ categorised as 1,338 million tonnes³ indicated and 3,317 million tonnes³ inferred resources. Of this, 4,071 million tonnes of resource occur at depths of less than 250m below surface and are considered potentially mineable by open pit. The resource upgrade represents an increase of 157% compared to the maiden 1,809 million tonnes³ JORC coal resource classified in February 2010.

Summary coal resources table, Ncondezi Project:

Block	Coal Type		TTIS (Mt)				MTIS (Mt)
			Indicated	Inferred	Total		Total
South	High Vol		241	113	355		333
	Low Vol		363	131	494		477
	Total South		605	244	849		810
North	High Vol		133	242	374		324
	Low Vol		27	59	86		72
	Total North		159	301	460		396
East	High Vol		183	115	298		282
	Low Vol		283	135	418		408
	Total East		465	250	716		690
Central	High Vol		109	422	530		422
West	High Vol		-	1,203	1,203		1,140
River	High Vol		-	898	898		612
Total			1,338	3,317	4,655		4,071

                        Notes to resource table:

-    The above resource table is a summary. A more detailed table is provided in the resource section below

-    Indicated resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 500 metres.  Extrapolation of these areas is limited to approximately 250 metres

-    Inferred resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 2000 metres.  Extrapolation of these areas is limited to approximately 1000 metres

-    GTIS (Gross Tonnage in-situ) figures represent the entire classified resource for the block, below the observed limit-of-weathering, with application of a 0.5 metre minimum ply thickness cut-off, but no depth restriction (in parts of some Blocks, resources reach 500m depth)

-    TTIS (Total Tonnes in-situ) figures for high and low volatile coals were calculated from the GTIS tonnage by applying Geological Losses.  The losses applied were generally 10% for Indicated resources and 15% for Inferred resources.  In the Central Block, these were increased to 15% and 20% respectively to account for interpreted dykes that were not modelled

-    MTIS (Mineable Tonnes in-situ) figures represent that part of the TTIS which exists above a depth cut-off of 250m

-    "Low Volatile" coals have been devolatilised by igneous intrusions. Studies by Ncondezi indicate that these coals may be economic

-    The North, South, East and Central Block models comprise detailed ply models suitable for mine planning purposes.  The West and River Block models use a cumulative coal thickness methodology that is appropriate only to the classification of Inferred Resources

-    As hydrological studies have not yet been conducted, no allowance has been made for potential sterilisation of resources below the limits of the Ncondezi or Revuboe Rivers' flood lines.  This could affect resources in the River, North, Central and West Blocks

-    Certain amounts of dummy data are included in the quality database, particularly wash analyses of low-volatile coal samples; further analytical work is in progress

-    A QA/QC process is currently underway at one of the laboratories.  It is expected that this will result in an increase in CV, and hence product yields, for the affected samples. Based on the distribution of these samples it is anticipated that there will be no material effect on resources previously reported in the public domain. With regard to the resources being reported herein for the first time, it is likely that there will be a positive, material impact for the River Block, the West Block and Zones D, E and F of the Central Block. These potentially affected resources are predominantly in the inferred category.

The East Block contains four main coal-bearing zones that can attain thicknesses up to 80 metres and have undulating dips averaging about 5 degrees. The coal zones extend down-dip from surface to a depth of at least 340 metres however, 96% of the classified resources lie above a depth of 250 metres.  In comparison with the other blocks on the Ncondezi Project, the East Block coal qualities appear to be of a higher quality, with higher average yields on product coals. The East Block's resource size and higher average qualities highlight the potential to be a significant part of the DFS mine plan.

The DFS study will focus on the South, North, Central and East blocks, representing 2,555 million tonnes⁴ of coal, of which 52% is classified in the indicated category. The Company's focus is to now transition indicated resources into mineable reserves. Part of this process is to complete optimisation programmes on wash plant, mine design and costs which will then feed into a mine schedule and ultimately the complete mine plan. This is expected to be an ongoing process leading up to the DFS target completion date, but the Company plans to make further announcements in the coming months as more information becomes available. 

Update on the Company's other licences - 1314L & 1315L 

The reconnaissance drill programmes have been completed on licences 1314L & 1315L, which are located to the west and south of the Ncondezi Project. Analysis of the results indicates that, although coal was identified on both licences, there is little or no potential for economic coal resources at these licences. Consequently, the Company decided not to pursue further evaluation work on these licences and has relinquished them to the Ministry of Mineral Resources Mozambique.

The updated coal resource estimates for the Ncondezi Project are summarised below.  The coal resource estimates have required subsequent calculations to derive sub-totals, totals, and weighted averages and as such a degree of rounding has occurred.  The tables containing such data may thus appear to contain minor differences that TMC does not consider to be material. 

SOUTH BLOCK	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	D (11 plies)	Indicated	15	14	6	7	14	1.25	1.92	2.6	58.0	18.4	21.0	11.18	1.15
			Inferred	7	6	3	3	6	1.05	1.93	2.2	57.6	18.7	21.6	11.50	1.06
		C (6 plies)	Indicated	17	15	7	8	15	1.18	1.86	2.2	55.4	17.5	24.9	12.88	1.38
			Inferred	5	4	2	2	4	1.13	1.87	2.3	55.4	17.3	24.8	12.70	1.25
		B (16 plies)	Indicated	74	67	24	36	67	1.51	1.85	1.5	52.9	17.9	27.8	13.87	1.25
			Inferred	36	31	10	16	31	1.59	1.86	1.5	53.2	17.5	28.0	13.59	1.29
		A (24 plies)	Indicated	162	146	61	79	141	1.29	1.79	1.2	48.7	19.0	31.2	15.59	1.14
			Inferred	85	72	29	30	56	1.06	1.83	1.0	51.4	18.3	29.4	14.48	1.06
		Totals	Indicated	268	241	98	130	236	1.33	1.82	1.4	50.8	18.5	29.2	14.68	1.19
			Inferred	133	113	44	52	97	1.18	1.84	1.3	52.5	18.0	28.3	13.93	1.14
	LOW VOLATILE	C (6 plies)	Indicated	6	5	2	3	5	1.19	2.02	1.6	63.9	7.1	27.5	8.94	1.23
			Inferred	3	2	1	1	2	1.03	2.02	1.5	63.4	7.9	27.2	9.38	1.26
		B (16 plies)	Indicated	135	121	36	62	121	1.74	1.94	2.1	54.8	7.0	35.6	11.39	1.00
			Inferred	20	17	6	9	17	1.43	1.90	2.0	53.3	7.5	36.2	11.96	1.19
		A (24 plies)	Indicated	263	237	86	121	233	1.42	1.92	2.1	50.5	7.6	39.8	12.97	0.92
			Inferred	131	111	36	51	99	1.42	1.93	2.6	50.7	7.5	39.3	13.01	0.81
		Totals	Indicated	404	363	124	186	359	1.51	1.93	2.1	52.1	7.4	38.2	12.38	0.95
			Inferred	154	131	44	61	118	1.41	1.93	2.5	51.3	7.5	38.6	12.79	0.87
	LOW & HIGH VOLATILE	A, B, C & D (104 plies)	Indicated	672	605	222	316	595	1.43	1.88	1.8	51.6	11.8	34.6	13.29	1.04
			Inferred	287	244	88	114	215	1.30	1.89	1.9	51.9	12.2	33.9	13.30	0.99

EAST BLOCK	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	C (15 plies)	Indicated	43	39	18	21	39	1.20	1.83	2.1	52.1	17.6	28.2	14.01	1.01
			Inferred	18	15	7	8	15	1.16	1.76	2.0	50.4	18.6	29.2	14.90	0.95
		B (10 plies)	Indicated	56	51	22	29	51	1.30	1.74	1.3	45.8	19.7	33.2	16.97	0.95
			Inferred	29	25	11	14	25	1.25	1.73	1.2	46.7	20.2	31.8	16.60	0.86
		A (16 plies)	Indicated	104	93	33	52	93	1.56	1.79	0.9	48.9	17.9	32.3	15.79	0.80
			Inferred	89	76	23	34	60	1.52	1.79	0.9	49.4	18.5	31.3	15.63	0.66
		Totals	Indicated	203	183	74	102	182	1.39	1.78	1.3	48.7	18.4	31.7	15.74	0.89
			Inferred	136	115	41	57	100	1.38	1.77	1.1	48.9	18.9	31.1	15.76	0.75
	LOW VOLATILE	C (15 plies)	Indicated	56	50	18	26	50	1.50	1.92	1.9	55.7	7.4	34.9	11.33	0.82
			Inferred	16	14	6	7	14	1.30	1.90	2.2	54.8	7.6	35.5	11.98	0.88
		B (10 plies)	Indicated	102	92	36	49	92	1.34	1.88	2.0	49.9	7.4	40.6	13.36	0.80
			Inferred	43	37	14	19	37	1.38	1.92	2.0	49.8	7.1	41.1	13.45	0.97
		A (16 plies)	Indicated	156	141	46	73	139	1.58	1.90	1.8	50.8	7.8	39.6	13.10	0.71
			Inferred	99	84	27	40	77	1.50	1.92	1.8	51.8	8.1	38.2	12.60	0.65
		Totals	Indicated	314	283	101	148	281	1.48	1.90	1.9	51.4	7.6	39.1	12.87	0.76
			Inferred	159	135	46	66	127	1.44	1.92	1.9	51.5	7.8	38.8	12.78	0.77
	LOW & HIGH VOLATILE	A, B, C (82 plies)	Indicated	517	465	174	250	463	1.44	1.85	1.6	50.4	11.8	36.2	14.00	0.81
			Inferred	295	250	88	123	227	1.41	1.85	1.6	50.4	12.7	35.4	14.09	0.76

NORTH BLOCK	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	B (24 plies)	Indicated	82	73	17	33	66	1.95	2.01	1.6	64.3	16.1	18.0	9.54	0.69
			Inferred	248	211	37	84	168	2.28	2.01	1.5	64.7	16.0	17.8	9.44	0.70
		A (17 plies)	Indicated	66	59	19	32	59	1.66	1.86	1.2	52.2	18.2	28.4	14.59	1.10
			Inferred	37	31	11	16	31	1.47	1.86	1.2	53.3	17.6	28.0	14.11	1.33
		Totals	Indicated	147	133	36	65	125	1.79	1.93	1.4	58.6	17.1	22.9	11.93	0.89
			Inferred	284	242	48	100	199	2.09	1.98	1.4	62.9	16.3	19.4	10.16	0.80
	LOW VOLATILE	B (17 plies)	Indicated	15	14	4	6	13	1.68	2.10	2.3	67.1	7.1	23.5	7.93	0.58
			Inferred	65	55	9	20	41	2.18	2.10	2.0	69.8	7.2	21.2	7.36	0.69
		A (13 plies)	Indicated	15	13	5	7	13	1.25	1.91	2.6	53.2	8.1	36.1	12.51	1.31
			Inferred	5	4	2	2	4	1.20	1.91	2.5	53.4	8.0	36.2	12.43	1.21
		Totals	Indicated	30	27	9	13	26	1.43	2.00	2.5	60.2	7.6	29.7	10.21	0.94
			Inferred	70	59	11	22	46	2.02	2.08	2.0	68.3	7.2	22.5	7.82	0.73
	LOW & HIGH VOLATILE	A & B (71 plies)	Indicated	177	159	45	78	151	1.72	1.95	1.6	58.8	15.5	24.1	11.63	0.90
			Inferred	354	301	59	122	245	2.08	2.00	1.5	63.9	14.6	20.0	9.72	0.79

CENTRAL BLOCK	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	F (4 plies)	Indicated	0	0	0	0	0
			Inferred	28	22	9	11	22	1.29	1.99	1.8	63.5	17.8	16.9	9.10	1.16
		E (5 plies)	Indicated	0	0	0	0	0
			Inferred	52	41	18	21	40	1.16	1.95	1.7	60.4	18.8	19.1	10.36	0.66
		D (5 plies)	Indicated	5	4	1	2	4	3.26	2.11	1.8	68.6	15.1	14.6	7.48	0.58
			Inferred	99	79	21	35	70	1.66	2.02	1.6	65.8	16.7	15.9	8.40	0.51
		C (10 plies)	Indicated	24	20	9	10	20	1.15	2.01	1.9	64.9	16.2	17.0	8.87	0.85
			Inferred	115	92	28	32	63	1.12	2.00	1.6	65.4	16.1	16.9	8.67	0.71
		B (9 plies)	Indicated	38	32	7	16	32	2.43	2.00	1.6	62.9	16.4	19.0	10.02	1.21
			Inferred	115	92	13	30	60	2.39	2.00	1.4	62.6	17.0	19.1	10.41	1.18
		A (16 plies)	Indicated	60	51	15	27	51	1.79	1.91	1.5	56.8	18.2	23.5	12.32	0.72
			Inferred	118	95	19	31	59	1.60	1.91	1.3	56.5	18.4	24.0	12.67	0.94
		Totals	Indicated	128	109	31	55	108	1.78	1.96	1.6	60.6	17.2	20.6	10.79	0.88
			Inferred	527	422	108	159	314	1.48	1.98	1.5	62.5	17.3	18.7	9.93	0.82

WEST BLOCK	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	D	Inferred	169	143	15	77	143	5.20	1.85	2.6	52.6	22.6	22.2	13.01	0.94
		C	Inferred	202	171	21	92	171	4.44	1.87	2.4	53.8	21.8	22.1	12.21	0.78
		B	Inferred	261	222	20	113	222	5.61	1.96	2.1	59.1	19.3	19.6	10.88	0.90
		A	Inferred	784	666	22	309	604	14.21	1.95	2.0	58.7	19.1	20.2	10.94	1.18
		Totals	Inferred	1,415	1,203	77	591	1,140	7.64	1.93	2.2	57.3	20.0	20.6	11.38	1.04

RIIVER BLOCK	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	E	Inferred	77	66	3	31	66	11.97	2.10	1.5	67.4	15.8	15.3	8.15	1.00
		D	Inferred	232	197	3	71	142	21.84	2.00	2.0	62.1	16.4	19.5	10.34	0.81
		C	Inferred	185	158	3	49	96	16.74	1.96	1.6	61.3	16.1	20.9	10.83	1.29
		B	Inferred	179	152	3	43	84	12.47	1.94	1.5	59.4	16.0	23.2	11.38	1.10
		A	Inferred	382	325	4	119	225	32.61	1.89	1.1	57.0	16.5	25.4	12.41	1.04
		Totals	Inferred	1,056	898	16	313	612	19.71	1.95	1.5	60.3	16.3	21.9	11.08	1.03

SUMMARY ALL BLOCKS	Coal type	Zone	Category	GTIS Mt	TTIS Mt	MTIS Area Mm2	MTIS Volume Mm3	MTIS Mt	Average ply thickness m	Raw MTIS Qualities (air-dried basis)
										RD	IM %	AS %	VM %	FC %	CV MJ/kg	TS %
	HIGH VOLATILE	Totals	Indicated	746	665	239	352	651	1.48	1.85	1.4	53.3	18.0	27.3	13.80	0.99
			Inferred	3,551	2,992	335	1,272	2,463	1.53	1.93	1.8	58.6	18.3	21.3	11.30	0.98
	LOW VOLATILE	Totals	Indicated	748	673	233	347	667	1.49	1.92	2.0	52.1	7.5	38.3	12.50	0.87
			Inferred	382	325	101	150	291	1.49	1.94	2.1	54.1	7.6	36.2	12.00	0.80
	LOW & HIGH VOLATILE	Totals	Indicated	1,494	1,338	472	699	1,317	1.49	1.89	1.7	52.7	12.7	32.8	13.14	0.93
			Inferred	3,933	3,317	436	1,422	2,754	1.52	1.94	1.8	58.1	17.2	22.9	11.37	0.96

-  Indicated resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 500 metres.  Extrapolation of these areas is limited to approximately 250 metres

-  Inferred resources are defined within areas where the spacing of boreholes with raw coal quality data is approximately 2000 metres.  Extrapolation of these areas is limited to approximately 1000 metres

-  GTIS (Gross Tonnage in-situ) figures represent the entire classified resource for the block, below the observed limit-of-weathering, with application of a 0.5 metre minimum ply thickness cut-off, but no depth restriction (in parts of some Blocks, resources reach 500m depth) 

-  TTIS (Total Tonnes in-situ) figures for high and low volatile coals were calculated from the GTIS tonnage by applying Geological Losses.  The losses applied were generally 10% for Indicated resources and 15% for Inferred resources.  In the Central Block, these were increased to 15% and 20% respectively to account for interpreted dykes that were not modelled                      

-  MTIS (Mineable Tonnes in-situ) figures represent that part of the TTIS which exists above a depth cut-off of 250m           

-  All qualities are quoted on an air-dried-basis                  

-  Yield figures are theoretical yields for +0.5mm material derived from slim core samples                   

-  Ply thicknesses are weighted against coal seam area to obtain average resource thicknesses for the relevant block or resource category. Thicknesses for the River and West Blocks are not incorporated in the 'Summary' table average ply thickness               

-  Ply RDs are weighted against coal volume to obtain average resource RDs

-  Ply raw qualities are weighted against tonnage to obtain average yields   

-  "Low Volatile" coals have been devolatilised by igneous intrusions. Studies by Ncondezi indicate that these coals may be economic                

-  The North, South, East and Central Block models comprise detailed ply models suitable for mine planning purposes.  The West and River Block models use a cumulative coal thickness methodology that is appropriate only to the classification of Inferred Resources                       

-  As hydrological studies have not yet been conducted, no allowance has been made for potential sterilisation of resources below the limits of the Ncondezi or Revuboe Rivers' flood lines.  This could affect resources in the River, North, Central and West Blocks           

-  Certain amounts of dummy data are included in the quality database, particularly wash analyses of low-volatile coal samples; further analytical work is in progress                      

-  A QA/QC process is currently underway at one of the laboratories.  It is expected that this will result in an increase in CV, and hence product yields, for the affected samples. Based on the distribution of these samples it is anticipated that there will be no material effect on resources previously reported in the public domain on 21 December 2011. With regard to the resources being reported herein for the first time, it is likely that there will be a positive, material impact for the River Block, the West Block and Zones D, E and F of the Central Block. These potentially affected resources are predominantly in the inferred category.

Competent Person Statement

Mr Mark Stewardson (Pr.Sci.Nat) of The Mineral Corporation Consultancy (Pty) Limited is registered as a professional geologist with South African Council for Natural Scientific Professions and has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity undertaken, to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Mr. Stewardson supervised the preparation of the technical information in this update release and consents to the inclusion of exploration results and other such information in the form and context in which it appears.

The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the 'JORC Code') sets out minimum standards, recommendations and guidelines for Public Reporting of Exploration Results, Mineral Resources and Ore Reserves. The information contained in this update has been presented in accordance with the JORC Code and references to "Measured", "Indicated" and "Inferred Resources" are relevant to those terms as defined in the JORC Code.

Enquiries:

Ncondezi Services (UK) Limited: www.ncondezicoal.com Graham Mascall Hanno Pengilly	[phone]
Liberum Capital Limited: Nominated Adviser and Broker                        Michael Rawlinson Chris Bowman Christopher Kololian	[phone]
Canaccord Genuity Joint Broker Robert Finlay Rob Collins Andrew Chubb	[phone]
Pelham Bell Pottinger: Lorna Spears Philippe Polman	[phone]

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1   Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.

2 Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.   

3 Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.   

4 Resources are in-situ ("TTIS"). Geological losses and a 0.5m minimum coal ply thickness cut-off were applied.   

 

END

 

 

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