SNRP.L Regulatory News (SNRP)

14 Feb 2008 07:01

Strategic Natural Resources PLC15 February 2008 Strategic Natural Resources Plc ("SNR") Reports 274% Increase In Its Extractable Coal Reserves On the 10th October 2007, SNR reported extractable run-of-mine ("ROM") reservesof 5.5 million tonnes on which its subsidiary, Elitheni Coal (Pty) Ltd("Elitheni"), based its mining rights application. SNR is pleased to report a 274% increase of its ROM reserve to an estimated15.05 million tonnes as confirmed by Golder Associates Africa (Pty) Ltd whoseupdate to the current resource and reserve estimates was received on the 12th ofFebruary 2008. The update is based on additional data supplied by Elitheni. To date only 1,100 hectares of the 9,283 hectares of the Phase 1 & 2 prospectingarea has been drilled, the remaining area will continue to be drilled through2008. Drilling of the Phase 3 area, which covers some 27,000 hectares, willcommence in late February 2008. SNR has informed IPSA Group PLC, the AIM- and AltX-quoted independent powercompany with whom it has entered into a framework coal supply agreement, that itnow has sufficient ROM reserves to enter into a fuel supply agreement for thefirst 250 MW unit. IPSA has informed the Company that a 250 MW coal-fired unitrequires 1 million tonnes of coal from Elitheni per annum for the project to befinanced, since project debt should be repaid well-within the life of the coalsupply contract. The information regarding Elitheni's coal reserves in this announcement has beenreviewed and approved by Willem van der Schyff BSc (Hons), Senior ResourceGeologist and full time employee of Golder, the Company's consultant geologists.Mr van der Schyff has 17 years industry experience in resource estimation andclassification on coal, base metals, iron ore, heavy minerals and industrialminerals and is a Member of the Geological Society of South Africa (GSSA) andthe South African Council for Natural Scientific Professions (Pr Sci Nat). For further information please contact: The Company: Jeremy P. Metcalfe, Chief ExecutiveStrategic Natural Resources plcTel: +44 1303 874 798 Nominated Adviser: Rod Venables / Cecil JordaanHB CorporateTel: +44 20 7510 8600 Broker: Martin Lampshire/Sean LunnHichens, Harrison plc London/South AfricaTel: +44 20 7382 4450/+27 21 950 2711 PR: Allan PiperFirst City Financial Public RelationsTel: +44 20 7242 2666 This information is provided by RNS The company news service from the London Stock Exchange