Perth, Aug 30, 2011 (ABN Newswire) - Further to the Pan Asia Corporation Limited's (ASX:PZC) announcement of 23 August 2011 "Results confirm potential of Open Pit Area at TCM Project", the Company would like to clarify that the ~3 million tonnes of coal contained within the existing JORC resource that are potentially open pittable, are all of Indicated category.
The Company has further commissioned a LIDAR topographic survey and the results of this are expected within 4 weeks. These results, along with detailed open pit optimisations, sensitivity analysis & preliminary pit designs should enable the resource category to be further upgraded. Similarly, when the entire current drill programme is completed, an upgraded JORC resource for both the underground and open pit areas will be calculated and advised.
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.
The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.
ASX:PZC) announcement of 23 August 2011 "Results confirm potential of Open Pit Area at TCM Project", the Company would like to clarify that the ~3 million tonnes of coal contained within the existing JORC resource that are potentially open pittable, are all of Indicated category.
Pan Asia Corporation Limited
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