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12 Apr 2012 07:00
12 April 2012
Oracle Coalfields PLC
("Oracle" or "the Company")
Mining Lease Issued to Oracle Coalfields PLC
Oracle Coalfields PLC (AIM:ORCP), the coal developer of a lignite mineral property in the south-eastern part of Sindh Province, Pakistan, has been granted through its 80% owned local subsidiary, Sindh Carbon Energy Limited, a Mining Lease (Notification Number No.DMD/S/Ex-L-Coal(11)/12/1325 dated 11 April 2012) by the Director General, Mines & Mineral Development, Government of Sindh, Pakistan.
The Mining Lease applies to 66.1 square kilometres of Block VI of the Thar Coalfield for coal mining and is granted under division 5 Part III of Sindh Mining Concession Rules, 2002. The Lease extends for thirty years and may be renewed for a further thirty year period on the same terms and conditions as this Mining Lease or on terms and conditions as may be mutually agreed between parties at the time.
Shahrukh Khan, CEO of Oracle, said:
"This is a significant step for Oracle as we move towards becoming a major coal producer in Pakistan. The Company continues to achieve its objectives and today's news builds on our recent technical feasibility study which showed that, in Phase 1 of our mining area, we have proven JORC coal reserves of 113 million wet tonnes from the JORC Mineral Resource of 529 million wet tonnes.
"The need for coal to fuel the rising demand for energy in Pakistan is well understood. We will now implement a pre-development programme on site prior to bringing the mine into production."
For further information:
Oracle Coalfields PLC Shahrukh Khan +44 207 317 4050
Blythe Weigh Communications
Tim Blythe, Susan McKenzie, Robert Kellner +44 207 138 3204
Novus Capital Markets
Nicholas Lee, Charles Goodfellow +44 207 107 1881
Libertas Capital Corporate Finance Limited +44 207 569 9650
Sandy Jamieson, Neil Pidgeon
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