Exploration licence over further 15,900 hectares granted
Monday 3rd December, 2007
Category :
Regulator News Service
Strategic Natural Resources PLC announces that its subsidiary Elitheni Coal (Pty) Limited (“Elitheni”) has received written confirmation from the South African Department of Minerals and Energy (“DME”) that it has been granted an exploration right for coal over the Phase 3 property of approximately 15,900 hectares, near the town of Indwe in the Eastern Cape of South Africa. This exploration right is in addition to the existing exploration right (divided for drilling purposes into two areas, Phase 1 and Phase 2), which covers an area of 9,283 hectares.
The Company listed on AIM on the basis of a resource under Elitheni’s control of approximately 15 million tonnes of coal in the Phase 1 and Phase 2 areas. Subsequent drilling raised the resource figure by 25 million tonnes to approximately 40 million tonnes. Elitheni will continue drilling Phases 1 and 2 whilst preparing its exploration plan for Phase 3. It is envisaged that a number of the contracted drilling rigs will be deployed on the new licenced area, once the exploration plan has been finalised.
Jeremy Metcalfe SNR’s Chief Executive said: “ The granting of the Phase 3 exploration licence nearly doubles our property under licence and provides the opportunity to increase our identified resource base much further.”
For further information contact:
Jeremy P. Metcalfe
Chief Executive
Strategic Natural Resources PLC
Tel: +44(0)1303 874 798
Allan Piper
First City Financial Public Relations
Tel: +44 (0) 20 7242 2666
Rod Venables / Cecil Jordaan
HB Corporate
Tel: +44 (0) 20 7510 8600
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