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Sydney, Dec 14, 2011 (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce that the Marketable Coal Reserves of the Vista Coal Project ("Vista") has increased to 313 million tonnes ("Mt") as part of the ongoing Bankable Feasibility Study ("BFS"). This represents a 20% increase in the Marketable Coal Reserves over the 260Mt estimated in the Pre-Feasibility Study ("PFS"). The increased Marketable Coal Reserves are attributable to a larger pit limit, clean coal yield improvement and a refined mining and coal recovery plan. Following the completion of the updated reserve estimate the BFS is on schedule for completion at the end of December 2011 with publication in early 2012.
Commenting on the increased coal reserve estimate the Company's Managing Director and CEO, Mr Gene Wusaty, said "A 20% reserve increase over the PFS combined with a lower strip ratio in the BFS verifies the size and quality of Vista and its status as a world-class, tier-one coal asset.
The expanded production rate to 11.2Mtpa coupled with the increase in marketable reserves positions Vista to be a strategic source of high quality export thermal coal to the Asian Pacific economies for 30 years."
Finalized Mine Plan and Production Schedule
With the completion of the updated reserve estimates, the mine plan and production schedule components of the BFS are complete. The final mine plan includes a 20.1Mtpa run-of-mine operation producing 11.2Mtpa of saleable thermal coal for 30 years. The saleable coal will be comprised of two separate coal products: Val d'Or and McPherson seams combined (88% of Marketable Reserves) and McLeod seam (12% of Marketable Reserves). The calorific value of the combined Val d'Or and McPherson seams ranges between 5,700-5,800 kcal/kg gross as received ("gar") basis and the calorific value of the McLeod seam ranges between 5,350-5,450kcal/kg gar basis. The mine planning has resulted in an updated Marketable Coal Reserve of 313.4Mt defined from a 565.5Mt Recoverable Coal Reserve.
With the completion of the mine plan, Coalspur and the various engineering firms involved in the preparation of the BFS are in the final stages of the BFS which includes optimization and an economic analysis of Vista. The BFS is on schedule for completion at the end of December 2011 and publication in early 2012.
For the complete announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-CPL-571308.pdf
ASX:CPL) (TSE:CPT) is pleased to announce that the Marketable Coal Reserves of the Vista Coal Project ("Vista") has increased to 313 million tonnes ("Mt") as part of the ongoing Bankable Feasibility Study ("BFS"). This represents a 20% increase in the Marketable Coal Reserves over the 260Mt estimated in the Pre-Feasibility Study ("PFS"). The increased Marketable Coal Reserves are attributable to a larger pit limit, clean coal yield improvement and a refined mining and coal recovery plan. Following the completion of the updated reserve estimate the BFS is on schedule for completion at the end of December 2011 with publication in early 2012.Commenting on the increased coal reserve estimate the Company's Managing Director and CEO, Mr Gene Wusaty, said "A 20% reserve increase over the PFS combined with a lower strip ratio in the BFS verifies the size and quality of Vista and its status as a world-class, tier-one coal asset.
The expanded production rate to 11.2Mtpa coupled with the increase in marketable reserves positions Vista to be a strategic source of high quality export thermal coal to the Asian Pacific economies for 30 years."
Finalized Mine Plan and Production Schedule
With the completion of the updated reserve estimates, the mine plan and production schedule components of the BFS are complete. The final mine plan includes a 20.1Mtpa run-of-mine operation producing 11.2Mtpa of saleable thermal coal for 30 years. The saleable coal will be comprised of two separate coal products: Val d'Or and McPherson seams combined (88% of Marketable Reserves) and McLeod seam (12% of Marketable Reserves). The calorific value of the combined Val d'Or and McPherson seams ranges between 5,700-5,800 kcal/kg gross as received ("gar") basis and the calorific value of the McLeod seam ranges between 5,350-5,450kcal/kg gar basis. The mine planning has resulted in an updated Marketable Coal Reserve of 313.4Mt defined from a 565.5Mt Recoverable Coal Reserve.
With the completion of the mine plan, Coalspur and the various engineering firms involved in the preparation of the BFS are in the final stages of the BFS which includes optimization and an economic analysis of Vista. The BFS is on schedule for completion at the end of December 2011 and publication in early 2012.
For the complete announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-CPL-571308.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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