GCM Resources Regulatory News (GCM)

14 Sep 2005 10:27

Asia Energy PLC14 September 2005 Asia Energy plc ("Asia Energy" or "the Company") Company Update Asia Energy announces that it has obtained Environmental Clearance for its openpit coal mine at Phulbari in Northwest Bangladesh. The Department of Environment of the Government of Bangladesh (GoB) formallynotified the Company's Dhaka-based subsidiary, Asia Energy Corporation(Bangladesh) Pty Ltd., that it has approved the Environmental Impact Assessment(EIA) report for the Project and awarded it Environmental Clearance. "This approval underscores the quality of our preparation for the mine andjustifies the significant investment we have made to ensure that we are in aposition to manage all the necessary social and environmental issues," saidDavid Lenigas, Asia Energy's Joint Managing Director. "It is another major steptowards starting the mine." The 2,500-page EIA, which was submitted for approval at the end of July, set outin detail how the social and environmental impacts of the open pit mine will bemanaged to the highest national and international standards. It was the productof 18 months' field research by some 300 Bangladeshi and international experts. In the final stage of the approval process, Asia Energy plans to submit a Schemeof Development to the GoB in early October. This will detail plans for miningthe 572 million tonne JORC compliant resource at Phulbari and for transportingthe coal to national and international markets. The Company intends to issue 40,000 ordinary shares in the Company to key AsiaEnergy staff under the Company's staff incentive scheme for achieving thismilestone. 14 September 2005 ENQUIRIES: Asia Energy PLCMichael Frayne, David Lenigas Tel: +44 (0) 20 7079 1798 Parkgreen CommunicationsJustine Howarth, Cathy Malins Tel: +44 (0) 20 7493 3713 This information is provided by RNS The company news service from the London Stock Exchange