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Perth, June 14, 2011 (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (PINK:CSPZF) (TSE:CPT) is pleased to announce a Coal Resource upgrade of 87.2 million tonnes ("Mt") on Vista. This increases the Company's total Coal Resource to 1.46 billion tonnes ("Bt").
Commenting on the Coal Resource upgrade on Vista, Managing Director and CEO, Gene Wusaty said "The update provides further confirmation that the resource base at Vista can support the development of one of the largest export coal projects in North America. As the Bankable Feasibility Study progresses we will reassess the reserve potential of each of the coal seams in the Coalspur formation and optimize the productive capacity of Vista."
The current Coal Reserve estimate for Vista is 260.1Mt and includes mineable coal from the McPherson, Val d'Or and McLeod seams. The Coal Reserve estimate will be reassessed when a revised mine plan is completed as part of the current BFS.
The Coal Resource estimate upgrade on Vista was based on the following factors:
- inclusion of an additional 49 drill holes in the geological model which includes 29 locations drilled by Coalspur (totalling 1,857m) and 20 locations previously drilled by other operators (totalling 1,583m);
- addition of the Silkstone seam in the south eastern portion of Vista, which underlies the McPherson seam. In the previous Coal Resource estimate the inclusion of the Silkstone seamwas limited to the central portion of Vista; and
- increase in the geological boundary area to include the 1,200 hectares of coal leases recently acquired from the Alberta Government.
Vista Coal Resource Upgrade
The preparation of the Coal Resource estimate was undertaken by Moose Mountain Technical Services, ("MMTS") in accordance with the JORC Code (2004) and National Instrument 43-101 ("NI 43-101"). MMTS has had a long association with coal properties in the Hinton region and are considered to be amongst the most respected coal experts in Western Canada. MMTS has an extensive client base of major coal companies including Teck Cominco, Mitsui (TYO:8031), Western Canadian and Anglo Pacific (LON:APF).
Since early 2009, MMTS has prepared numerous independent technical reports for Coalspur in relation to the Vista Coal Project and has been retained to assist in the BFS and the determination of the revised Coal Resource estimate.
The key parameters that MMTS used to conduct the Vista Coal Resource upgrade are as follows:
- The Coal Resource is defined from four coal seams (Val D'or, McLeod, McPherson and Silkstone) that have a cumulative coal thickness of approximately 30m;
- The four coal seams which comprise the Coal Resource have a dip to the northeast ranging from 4degree - 15degree , which has resulted in the Coal Resource being defined within a 10.28:1 strip ratio pit (modelled using a 20:1 incremental cut-off strip ratio);
- A modelled pit using 45 degree walls and set up such that only coal within the Company's Leases is mined; and
- A minimum mineable seam thickness of 0.5m and a minimum removable parting thickness of 0.3m (partings less than 0.3m are included with the coal seam).
The Coal Resources of the Company now total approximately 1.46Bt of low sulphur, high volatile bituminous, export quality thermal coal with resources on Vista accounting for 1.29Bt and the Vista South Coal Project ("Vista South") accounting for 168.3Mt. Further drilling is planned in the coming months to further delineate the geology of Vista South and to test for extensions to the South East of the deposit.
For the complete Coalspur Mines announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/545230.pdf
ASX:CPL) (PINK:CSPZF) (TSE:CPT) is pleased to announce a Coal Resource upgrade of 87.2 million tonnes ("Mt") on Vista. This increases the Company's total Coal Resource to 1.46 billion tonnes ("Bt").Commenting on the Coal Resource upgrade on Vista, Managing Director and CEO, Gene Wusaty said "The update provides further confirmation that the resource base at Vista can support the development of one of the largest export coal projects in North America. As the Bankable Feasibility Study progresses we will reassess the reserve potential of each of the coal seams in the Coalspur formation and optimize the productive capacity of Vista."
The current Coal Reserve estimate for Vista is 260.1Mt and includes mineable coal from the McPherson, Val d'Or and McLeod seams. The Coal Reserve estimate will be reassessed when a revised mine plan is completed as part of the current BFS.
The Coal Resource estimate upgrade on Vista was based on the following factors:
- inclusion of an additional 49 drill holes in the geological model which includes 29 locations drilled by Coalspur (totalling 1,857m) and 20 locations previously drilled by other operators (totalling 1,583m);
- addition of the Silkstone seam in the south eastern portion of Vista, which underlies the McPherson seam. In the previous Coal Resource estimate the inclusion of the Silkstone seamwas limited to the central portion of Vista; and
- increase in the geological boundary area to include the 1,200 hectares of coal leases recently acquired from the Alberta Government.
Vista Coal Resource Upgrade
The preparation of the Coal Resource estimate was undertaken by Moose Mountain Technical Services, ("MMTS") in accordance with the JORC Code (2004) and National Instrument 43-101 ("NI 43-101"). MMTS has had a long association with coal properties in the Hinton region and are considered to be amongst the most respected coal experts in Western Canada. MMTS has an extensive client base of major coal companies including Teck Cominco, Mitsui (
TYO:8031), Western Canadian and Anglo Pacific (LON:APF).Since early 2009, MMTS has prepared numerous independent technical reports for Coalspur in relation to the Vista Coal Project and has been retained to assist in the BFS and the determination of the revised Coal Resource estimate.
The key parameters that MMTS used to conduct the Vista Coal Resource upgrade are as follows:
- The Coal Resource is defined from four coal seams (Val D'or, McLeod, McPherson and Silkstone) that have a cumulative coal thickness of approximately 30m;
- The four coal seams which comprise the Coal Resource have a dip to the northeast ranging from 4degree - 15degree , which has resulted in the Coal Resource being defined within a 10.28:1 strip ratio pit (modelled using a 20:1 incremental cut-off strip ratio);
- A modelled pit using 45 degree walls and set up such that only coal within the Company's Leases is mined; and
- A minimum mineable seam thickness of 0.5m and a minimum removable parting thickness of 0.3m (partings less than 0.3m are included with the coal seam).
The Coal Resources of the Company now total approximately 1.46Bt of low sulphur, high volatile bituminous, export quality thermal coal with resources on Vista accounting for 1.29Bt and the Vista South Coal Project ("Vista South") accounting for 168.3Mt. Further drilling is planned in the coming months to further delineate the geology of Vista South and to test for extensions to the South East of the deposit.
For the complete Coalspur Mines announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/545230.pdf
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About Coalspur Mines Limited
Coalspur Mines Limited ("Coalspur" or "Company") is a coal exploration and development company with approximately 40,600 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur’s flagship coal project is the Vista Coal Project (“Vista”) which has the potential to be the largest export thermal coal mine in Canada.
Vista covers approximately 9,984 hectares and provides a large scale, surface mineable, thermal coal project. Vista has the advantage of leveraging off of established first world infrastructure with CN Rail’s main line located adjacent to Vista which is substantially underutilised and provides a rail line suitable for the transport of coal to deepwater ports on Canada’s west coast. Coalspur has also secured a port allocation agreement with Ridley Terminals Inc. which is essential to the logics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific Rim countries, including China, Japan, and Korea.
A feasibility study was completed on Vista in January 2012, which defined a 30 year mine plan with forecast annual production capacity of 11.2Mtpa. Marketable Coal Reserves on Vista are 313Mt from a Recoverable Coal Reserve of approximately 566Mt. Initial development costs for Vista are expected to be approximately C$860 million with an additional approximately C$370 million required to reach full capacity.
Coalspur has offices in Calgary and Hinton in Canada as well as in Australia. The Company is dual listed on the Toronto Stock Exchange ("TSX") under the symbol "CPT" and on the Australian Securities Exchange ("ASX") under the symbol "CPL".
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