Half Yearly Report
18 November 2010
Unaudited Interim Results for the 6 months ended 31 August 2010
Strategic Natural Resources (AIM:SNRP), 74 per cent owner of coal exploration and production assets located near Indwe in the Eastern Cape province of South Africa, today announces its unaudited interim results for the six months ended 31st August 2010.
Highlights:
- Competent Persons Report (CPR) from Golder Associates confirmed an increase in Elitheni’s resources from 97.2 million tonnes to 150.3 million tonnes. The area drilled to date represents less than 3 per cent of the total area available for drilling
- CPR highlighted 31.4 million tonnes of coal that washes to economic yields and is capable of servicing a variety of markets
- Washability and market applications studies confirmed that SNR coal can be used for different applications in South Africa and abroad. Locally it can be used for power generation whilst examples of uses internationally include the domestic heating market in Turkey and power generation in India
- SNR received a logistics study on the transportation of coal which included an assessment of road, rail and port infrastructure confirming the feasibility of exporting coal from Elitheni’s mines in the Eastern Cape
- SNR restructured and consolidated the Black Economic Empowerment (BEE) shareholding by introducing new partner Rapitrade Ltd, which will make available extra funds for the Bankable Feasibility Study, further exploration and for the development of technology in the boiler market
- Edward Cox appointed as Finance Director and Company Secretary.
Richard Latham, Chairman, said, “The Company has made significant progress in the last six months towards becoming a producing and exporting coal company. SNR has received positive assessments from all parties who have undertaken studies and we expect to publish a Bankable Feasibility Study in the near future.”
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