10 Sep 2009 07:00
News Release
10th September 2009
Anglo Pacific Group PLC
Initial Coal Resource of 90.95 million tonnes at the Trefi Coal Project
in British Columbia, Canada
In addition to its various other private coal interests in Canada, Anglo Pacific Group PLC ("Anglo Pacific Group" or "the Company") is pleased to announce an initial coal resource estimate of 90.95 million tonnes at the Trefi Coal Project in northeast British Columbia.
The resource estimate is based upon the drilling and exploration work undertaken by Gulf Canada between 1980 and 1982 and then by Anglo Pacific Group itself in 2008 and 2009. The report was prepared by Moose Mountain Technical Services, an independent consultancy based in Canada. The coal resource estimate is reported in accordance with Australian JORC Code and Canadian National Instrument 43-101.
The highlights of the report are as follows:-
Initial underground C-Seam coal resource of 90.95 million tonnes
Measured and Indicated Resource of 39.35 million tonnes
High quality low sulphur coal suitable for thermal and PCI export markets
Resource located close to infrastructure and railway
For more details the full report can be found at the end of this press release.
As noted in the recent 2009 interim results, the Company intends this autumn to carry out a scoping study on the Trefi resource in order to progress the project towards the Company's objective of earning a royalty entitlement and retaining a carried interest. Furthermore, the Company hopes to produce an initial 43-101 resource statement on its Groundhog coal project in northern British Columbia by the end of 2009. Both the Groundhog and Trefi coalfields remain on the balance sheet at cost.
The development of coal interests in British Columbia is an important component of Anglo Pacific Group's strategy to broaden and diversify its portfolio of royalties. Furthermore, the Company is in the process of applying for a listing of its shares on the Toronto Stock Exchange.
Anglo Pacific Group generates returns for shareholders by receiving royalties from operating mines which currently include coking coal mines in Australia owned by BHP Billiton and Rio Tinto.
The Company's strategy remains to pay a substantial proportion of its royalties to shareholders as dividends, while reinvesting the balance in strategic listed and unlisted metal exploration and production opportunities such as at Trefi and Groundhog, with a view to obtaining more royalties for shareholders. The Company will continue to adopt an active, merchant banking approach to mining projects in order to achieve better returns at reduced risk.
The information in this announcement which relates to Exploration Results, Coal Resources or Coal Reserves is based on information compiled by Mr Robert J. Morris P.Geol. and Mr Robert F Engler P.Geol., who are both Members of the Association of Professional Engineers Geologists and Geophysicists of Alberta. Mr Morris and Mr Engler work for Moose Mountain Technical Services a Canadian based independent consultancy. Mr Morris and Mr Engler have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activities they are undertaking to qualify as a Competent Persons as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The JORC Code). Mr Morris and Mr Engler consent to the inclusion in this announcement of the matters based on their information in the form and context in which it appears.
For further information:
Anglo Pacific Group PLC +44 (0) 20 7318 6360
Peter Boycott, Chairman
Matthew Tack, Finance Director
Liberum Capital +44 (0) 20 3100 2000
Chris Bowman
Simon Stilwell
Scott Harris +44 (0) 20 7653 0030
Stephen Scott
James O'Shaughnessy
Website: www.anglopacificgroup.com
Please follow this link to view the full report:
http://www.rns-pdf.londonstockexchange.com/rns/8089Y_-2009-9-9.pdf