GCM Resources Regulatory News (GCM)

4 Aug 2005 15:29

Asia Energy PLC04 August 2005 4th August 2005 Asia Energy plc ("the Company") Asia Energy's Phulbari Coal Resource increased to 572 million tonnes with the prospect of still more coal to be found Asia Energy PLC ('Asia Energy') announced today that its coal resource atPhulbari in Northwest Bangladesh had increased to 572 million tonnes, with 532million tonnes now in the Measured and Indicated categories, and that the basinremained open to further exploration. An updated JORC compliant mineral resource statement ('the Statement'), producedby coal geology specialist Mr. Frans Bos of Melbourne-based independentconsultancy GHD Pty Ltd, revised the total estimated coal in the Phulbari basinupwards from the previously stated 522 million tonnes. The Statementincorporates newly drilled southern boreholes for which results were stillpending when the previous resource estimate was prepared in May. The recently completed drilling program and gravity surveys suggest the basinremains open and extends further southward. The Statement added that additionaldrilling was required to confirm the southern extent of the coal basin. "This further confirms the quality of the Phulbari resource," said Asia Energy'sJoint Managing Director, Mr. David Lenigas. "We are also excited by the prospectof still more coal to be found at the southern end of the basin." The estimated in-situ coal resource in accordance with the JORC Code is asfollows: Category Tonnes (millions)Measured 288Indicated 244Inferred 40Total 572 Asia Energy has drilled more than 100 exploration holes in the Phulbari areaand, pending final authorisation by the Government of Bangladesh, is planning tostart mining operations there in 2007. JORC Compliance The resource estimates in the Statement were prepared in accordance withAustralia's Joint Ore Reserve Committee (JORC) Code (2004 Edition). ENQUIRIES: Asia Energy PLCMichael Frayne, Joint Managing Director michael.frayne@asia-energy.com ---------------------------------David Lenigas, Joint Managing Director david.lenigas@asia-energy.com --------------------------------Tel: +44 (0) 20 7079 1798 info@asia-energy.comFax: +44 (0) 20 7491 2758 www.asia-energy.com Parkgreen CommunicationsJustine Howarth justine.howarth@parkgreenmedia.com -------------------------------------Cathy Malins cathy.malins@parkgreenmedia.com ----------------------------------Tel: +44 (0) 20 7493 3713 Note: The Statement was prepared by Frans Bos, who is a Fellow of the AustralasianInstitute of Mining and Metallurgy (Chartered Professional) and who is employedby GHD Pty Ltd. Mr. Bos has sufficient experience relevant to the type of coaldeposit under consideration, and the activity he is undertaking, to qualify as aCompetent Person as defined in the 2004 Edition of the Australian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves (JORCCode). The geological model used for the geological evaluations and resourceestimations was prepared by Mr. Benjamin Leslie Jansen who is a member of theAustralasian Institute of Mining and Metallurgy and who is employed by GHD PtyLtd. Mr. Jansen has sufficient experience relevant to the type of coal depositunder consideration, and to the activity he is undertaking, to qualify as aCompetent Person as defined in the 2004 Edition of the Australian Code forReporting of Exploration Results, Mineral Resources and Ore Reserves (JORCCode). This information is provided by RNS The company news service from the London Stock Exchange