6 Feb 2013 07:00
6 February 2013
Project Dragon Update
Conversion of Exploration Licence to Mining Licence
Altona Energy (AIM:ANR) ("Altona") is pleased to provide an update regarding its acquisition of an indirect 95% beneficial interest in an advanced coal exploration licence ("EL1"), with an option to acquire a further advanced coal exploration licence ("EL2"), both located in the Xinjiang Autonomous Region of the People's Republic of China.
As announced on 12 December 2012, the timeline for the conversion of EL1 to a Mining Licence in which Altona will have an indirect 95% beneficial interest ("ML") was extended to 30 June 2013. Since that announcement, good progress has been made towards securing the necessary approvals from authorities for issue of the ML. In meetings between representatives of Altona and the local government responsible for sanctioning mining in the area where EL1 is located, the local government representatives have given verbal approval for mining to proceed. This verbal approval is subject to the conditions to be attached to the ML (likely to relate to the boundaries of the licence area, permitted production volumes etc). In that regard, the ML application has been fully prepared with all supporting technical and mine planning information, and has now been submitted to the Xinjiang Regional Government for final written approval, which is now expected to be received prior to 30 June 2013.
Assuming the ML is issued, coal production will begin as soon as practicable thereafter to take as much advantage as possible of the mining conditions, which are at their best during the spring/summer period.
For further information, please visit www.altonaenergy.com or contact:
Altona Energy Plc Christopher Lambert, Chairman Christopher Schrape, Managing Director Peter Fagiano, Executive Director
|
+44 (0) 20 7024 8391
|
WH Ireland Ltd Adrian Hadden James Bavister | +44 (0) 20 7220 1666 |
Old Park Lane Capital Plc Michael Parnes Luca Tenuta
| +44 (0) 20 7493 8188 |
Tavistock Communications Mike Bartlett Simon Hudson | +44 (0) 20 7920 3150 |
About Altona Energy
Altona Energy is listed on the London Stock Exchange's AIM market. In addition to a 49% interest in its flagship Arckaringa CTL and Power Project in South Australia, Altona Energy holds interests in two advanced coal exploration licences in the Xinjiang Autonomous Region of the People's Republic of China. When converted to Mining Licences, these interests are expected to provide early cash flow to enable the Company to progress the Arckaringa project and to continue to investigate additional opportunities to deploy the management team's expertise in clean energy.
-ends-