Exploration licence over further 15,900 hectares granted
03 December 2007
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, please contact:
Strategic Natural Resources plc
David Nel, Chief Executive Officer
+27 (0) 41 374 0842
Jeremy Metcalfe, Communications Director
+44 (0)7785 346 718
Nominated Adviser and Joint Broker - Allenby Capital Limited
Nick Naylor / Alex Price / James Reeve
+44 (0) 20 3328 5656
Joint Broker - SP Angel Corporate Finance Limited
Emin Eyi / Tercel Moore
+44 (0) 207 647 9646
FTI Consulting
Ben Brewerton / Georgia Mann
+44 (0)207 831 3113