Press Releases

Brisbane, Dec 23, 2011 (ABN Newswire) - Bandanna Energy Limited (ASX:BND) is pleased to announce it has reached in-principal agreement with the Indigenous Kairi people on the terms for Cultural Heritage Management Plans at the Springsure Creek Coal Project and the Arcturus Project in the Bowen Basin.

The plans will provide a framework for Bandanna Energy and the Kairi people to work together to identify and manage cultural heritage while facilitating the development of the projects.

Bandanna Energy Managing Director Dr Ray Shaw said the agreements were an important milestone in progressing the Company's flagship projects.

"We see this as a significant step in the development of the projects and look forward to working with the Kairi people to further develop the projects in a manner which respects the cultural integrity of the area," Dr Shaw said.

"This is the latest in a series of successes at the Springsure Creek and Arcturus projects which indicate they are likely to realise their promise as major resource developments."

Under the law, when an Environmental Impact Assessment (EIS) is required for a mine, a Cultural Heritage Management Plan (CHMP) must also be developed with the area's traditional owners.

The Kairi people are the Aboriginal Party for the majority of the Springsure Creek EPC (891), the entire MLA area for the Springsure Creek project, as well as a significant portion of the Arcturus EPC.

Bandanna Energy Limited holds 16 Exploration Permits for Coal (EPC's) in the Bowen and Galilee basins in Queensland where more than 1,500 million tonnes of JORC compliant net coal resource has been delineated.

The Company also has an allocation of 4 Mtpa in Stage 1 of the Wiggins Island Coal Export Terminal development, which will see it able to ship first coal from approximately mid 2014.

Contact

Dr Ray Shaw Tel: +61-7-3041-4400 Andrew Crook Mb: +61-419-788-431