GCM Resources Regulatory News (GCM)

3 May 2005 07:00

Asia Energy PLC03 May 2005 ASIA ENERGY PLC Resource definition drilling completed at Phulbari Asia Energy PLC ('Asia Energy' 'the Company') announced today that it hascompleted its resource definition programme at the Phulbari Coal Project innorth-west Bangladesh after drilling 77 holes over the Phulbari basin. Coalseams intersected by the drilling ranged in total thickness per hole from 7.9metres to 72.7 metres, the Company said. "We expanded the drilling programme beyond our original schedule of 60 holes,which were completed on schedule, to a total of 77 holes because coal wasdiscovered over an additional 3.5 square kilometres north and south of theoriginal basin limits," said Asia Energy's Joint Managing Director DavidLenigas. Mr Lenigas also pointed to considerable upside with the coal basin remainingopen in the south. "Gravity surveys and drilling indicate the basin extendsfurther southward and we have decided to continue with the exploration drillingprogramme in this area until the end of May. These additional tonnes will beincluded in the resource inventory at a later stage," Mr Lenigas said. "We have now completed enough drilling to define the resource for the DefinitiveFeasibility Study, and a JORC compliant resource statement will be releasedafter detailed coal analysis is completed," he said. "The Company has alsosuccessfully completed a large diameter core programme which will provide thedefinitive coal specifications and products, which will enable us to finalisethe mine design." ENQUIRIES: Michael Frayne, Joint Managing Director Justine Howarth, Cathy Malinsmichael.frayne@asia-energy.com Parkgreen CommunicationsDavid Lenigas, Joint Managing Director Tel: +44 (0) 20 7493 3713david.lenigas@asia-energy.com justine.howarth@parkgreenmedia.comAsia Energy PLC cathy.malins@parkgreenmedia.comTel: +44 (0) 20 7079 1798, Fax: +44 (0) 207491 2758info@asia-energy.com; www.asia-energy.com This information is provided by RNS The company news service from the London Stock Exchange