ABN Newswire

NSW Miner-Explorers Presentations in Sydney - Next Wednesday 15th May, 2013

newsroom@abnnewswire.net — Thu, 9 May 2013 17:40:48 GMT

NSW Trade & Investment invites you to the NSW Mineral Explorers Presentation, Wednesday 15 May 2012 at the New South Wales Trade & Investment Centre, Sydney.

The May 2013 Miners-Explorers Presentation showcases four explorers, companies whose NSW projects have been selected for their high growth potential and investment readiness.

Presenters will deliver the latest news on their projects, and outline their prospects for development with the timely backing of the right financial partners and funding.

The May 2013 Presentation is an opportunity for resources sector focused investors and intermediaries to hear the explorers' presentations and directly discuss with them their projects at length; to make connections that enable them to invest in a current project, or to develop key contacts for future prospects.

The NSW Miners-Explorers Presentation brings together both miner-explorers and investors with the aim of generating key new strategic investment and partnerships and new economic growth in New South Wales, stemming from the opportunities the resource sector offers.

Explorers at the 15 May presentations include:

Ausmon Resources Limited (ASX:AOA) Pieter Moeskops, Project Manager
Platina Resources Limited (ASX:PGM) Robert Mosig, CEO Managing Director
White Rock Minerals Limited (ASX:WRM) Geoffrey Lowe, Managing Director
Carpentaria Exploration Limited (ASX:CAP): Nick Sheard, Executive Chairman

NSW Trade & Investment, through its Resources and Energy Investment Unit, is proud to provide this occasion to promote a vital State industry sector and to assist in promoting future activity in a key export segment of the New South Wales economy.
We look forward to receiving your response and registration for the 15 May presentation event.

To register, or for inquiries please contact
Wayne Sonter
Manager, Investment, Division of Resources & Energy
NSW Trade & Investment
Tel: 02 8281 7364,
Email: Wayne.Sonter@industry.nsw.gov.au,
W: http://www.industry.nsw.gov.au

Wayne Sonter 
Manager, Investment, Division of Resources & Energy
NSW Trade & Investment
Tel:  02 8281 7364,  
Email: Wayne.Sonter@industry.nsw.gov.au,  
W: www.industry.nsw.gov.au

Cuesta Coal Limited (ASX:CQC) Quarterly Activities & Cashflow Reports

newsroom@abnnewswire.net — Tue, 30 Apr 2013 10:09:22 GMT

The March 2013 quarter marked another busy period for Cuesta Coal Limited (ASX:CQC) with the achievement of two significant corporate milestones as plans to transform the Company from explorer to developer continue to be executed.

Cuesta completed the bolt-on acquisition of the Orion Coal Project (EPCs 775 and 776) for $18.2m, which has been integrated with Cuesta's existing Moorlands Deposit to the immediate south, creating Cuesta's flagship development project.

On 22nd February 2013, Cuesta announced that it had executed a $12m Share Placement Agreement at 18 cents per share with major shareholder Beijing Guoli. This will provide adequate funding to progress initial development plans for Moorlands and assist with the Company's working capital requirements. It is anticipated that the placement will be completed by Q2 2013.

Operational planning work commenced for the 2013 drill season along with substantial desktop geological evaluation activities for Cuesta's projects.

During the quarter, Cuesta consolidated all of the geological data into a robust 3D geological model. A revised resource of 146Mt was estimated from the geological model and this was provided to Xenith Consulting (Xenith) who are using it as the basis to complete a Mine Scoping Study. Cuesta expects that the Mine Scoping Study will be completed in May 2013.

Key advantages of the Moorlands Deposit include:

- Shallow and thick coal seams allowing the Scoping Study to target a <5:1 strip ratio - Primary coal seams consist of B4 averaging 6m, B8 averaging 10m and B9 averaging 3m
- Secondary coal seams consist of B5 and B7, both averaging 1.5m-2m
- Several coal seams and individual coal plies will not require washing, enhancing project economics
- Located 14km from existing infrastructure at the Blair Athol Mine.

Cuesta continues to investigate rail and port infrastructure options for the Moorlands Project and is targeting formal agreements in 2013.

The Moorlands Project is Cuesta's priority development project which the Company believes will be a robust open cut thermal coal project.

During the quarter, Cuesta conducted an internal review of its projects and will seek divestment opportunities where appropriate of non-core assets. No exploration activity was undertaken on any of Cuesta's projects during the quarter; however exploration planning activities are well advanced for the 2013 drill season.

Cuesta announced the appointment of Mr Brian Johnson as Non-executive Chairman of the Company on 12th of March 2013.

At the end of March 2013, Cuesta had cash and cash equivalents of $5.618m (excluding the funds from the $12m share placement).

To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CQC-732746.pdf

Cuesta Coal Limited
T: +61-2-9284-5900
F: +61-2-9284-5999
E: info@cuestacoal.com.au
WWW: www.cuestacoal.com.au

Coalspur Mines Limited (ASX:CPL) Quarterly Activities and Cashflow Reports

newsroom@abnnewswire.net — Tue, 30 Apr 2013 09:03:54 GMT

Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is pleased to present its quarterly report for the three months ending 31 March 2013.

Highlights:

On 19 April 2013 Coalspur announced it concluded an arrangement to fund the majority of Stage 1 of its Vista Coal Project ("Vista"). Highlights include:

- EIG Global Energy Partners ("EIG") to provide a senior secured debt facility of up to US$350 million (the "Facility"). The Facility is expected to fund the majority of development capital for Stage 1 of Vista, which is estimated to be C$445 million.
- EIG increased the amount of the Facility to up to US$350 million, an increase of US$50 million from the previous announcement on 20 December 2012.
- The arrangement enables Coalspur to retain all off-take and marketing rights which allows it to preserve strategic flexibility and extract greater value for Coalspur shareholders in the future. Coalspur will also retain 100% ownership of Vista as part of this transaction.
- Access to the Facility maintains the development schedule of Vista with anticipated construction in mid-2013 and first production in 2015.
- Highland Park continued to show support of the Company by allowing C$30 million of the C$40 million debt currently outstanding to remain in the Company as subordinated debt.

Mr. Colin Gilligan was appointed to Chief Operating Officer ("COO") of Coalspur effective 1 April 2013.

Mr. Gilligan will be responsible for the development of all stages of Vista as well as technical and operating aspects of the mine.
- Mr. Gilligan brings 24 years of mining experience to Coalspur, having been involved in the development and operation of major operations internationally.
- Prior to this appointment, Mr. Gilligan served as the COO of Mitsui Coal holdings Pty Ltd. where he oversaw annual production of 12 million equity tonnes of coal, from eleven joint venture operations.

The Company announced the appointment of Mr. Richard Tremblay as Vice President, Operations, effective 18 March 2013, to lead Vista into commissioning and production.

- Mr. Tremblay will be responsible for preparing Vista for commissioning and running the mine once it is operational. Mr. Tremblay will oversee the safety and effectiveness of the operations, all environmental and health matters, production control and staff functions at Vista.
- Mr. Tremblay has 22 years of experience in the industry and joined Coalspur from Teck Coal where he held a number of senior roles, including that of General Manager of their Fording River Coal operation.

Coalspur announced that it has reached a definitive agreement (the "Agreement") with CN Rail ("CN") for the transportation of thermal coal from Vista to Ridley Terminals Inc., as well as the final agreement with CN regarding the construction of the rail siding to serve the mine.

- The key elements of the Agreement are consistent with the terms announced by Coalspur on 14 December 2012 and include transportation of up to 12 million tonnes per annum of coal; and defined rates with agreed escalation and fuel surcharge calculations.
- As a result of signing the Agreement, total FOB costs for Vista are projected to be C$56.98 per tonne in the first five years of production, C$59.55 per tonne in the first ten years of production and C$66.40 per tonne over the life of the mine.
- Coalspur and CN also signed an agreement which will govern the construction of a 6.5km long rail siding providing CN access to Coalspur's loading site. Subject to regulatory approval rail construction activity is expected to begin in Q3, 2013 and be completed in early 2015.

The Company announced that its largest shareholder, the Highland Park Group ("Highland Park"), as well as other smaller optionholders, had exercised their options to purchase additional ordinary shares in the company.

- Highland Park exercised 12,724,669 options at an exercise price of A$0.70 per option, and now owns 153,840,202 ordinary shares which represents approximately 24.3% of the ordinary shares currently outstanding in the Company.
- Holders of a further 669,333 options with an exercise price of A$0.70 per option also exercised their options to acquire further shares.
- Total funds raised from the exercise of options were A$9,375,801 the funds were received as of December 31, 2012 and the shares were issued in January 2013.

Going Forward

The Company is currently focusing on the efforts necessary to finalize the Facility and commence construction on Vista. Activities in the coming months are expected to include:

- Continued pursuit of regulatory approvals which are required to commence forest clearing, site grading, water management structures and other construction activities; - Satisfy various conditions of the Facility, including holding a meeting of Shareholders to vote on arrangements;
- Finalize the contracting and procurement strategy for Vista Stage 1 to enable construction to commence as planned;
- Award contracts for the civil earthworks and mine pre-development work;
- Discussions to secure additional investment / funding and off-take arrangements for Vista; and
- Continued discussions with mining contractors.

To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CPL-633461.pdf

Coalspur Mines Limited
T: +1-403-261-9971
WWW: www.coalspur.com

Coalspur Mines Limited (ASX:CPL) Notice of Annual General Meeting/Proxy Form

newsroom@abnnewswire.net — Tue, 30 Apr 2013 08:54:44 GMT

Coalspur Mines Limited (ASX:CPL) advise that the Annual General Meeting of the Company will be held at The Celtic Club, 48 Ord Street, West Perth, Western Australia on Friday, 31 May 2013 at 10am (WST).

For full particulars, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CPL-633451.pdf

Coalspur Mines Limited
T: +1-403-261-9971
WWW: www.coalspur.com

Coalspur Mines Limited (ASX:CPL) Vista Coal Project Funding Arrangements with EIG Global Energy Partners

newsroom@abnnewswire.net — Thu, 18 Apr 2013 09:58:16 GMT

Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is pleased to announce that it has entered into binding agreements with EIG Global Energy Partners ("EIG") to provide a senior secured debt facility of up to US$350 million (the "Facility"). Proceeds from the Facility are expected to fund the majority of development capital for Stage 1 of the Company's Vista Coal Project ("Vista"), which has an estimated capital cost of C$445 million. Vista Stage 1 will produce approximately three million tonnes per annum ("Mtpa") of clean coal with production commencing in 2015.

The Facility gives Coalspur access to funding which allows Vista to maintain its development schedule. Construction is expected to commence following regulatory approval, which is expected at approximately the same time as shareholder approval of the funding arrangements.

With the majority of Vista Stage 1 funding secured and the coal marketing and off-take rights retained, Coalspur has preserved Vista's strategic value for shareholders. Coalspur will continue to advance joint venture, marketing and off-take arrangements with interested parties to secure the remaining funding for Vista. These discussions will be given further impetus by the continued development of Vista, the expected satisfaction of further development milestones and the support of EIG, and Coalspur's major shareholder Borrowdale Park.

Commenting on the funding package, President and CEO, Gill Winckler said,

"Coalspur has achieved a major milestone in entering into these agreements for the majority of funding for the first stage of Vista. The increased level of the Facility as well as the flexibility that has been afforded the Company by EIG reflects their belief in Vista. EIG is an astute investment group with an excellent track record and their support for Vista, along with the continued support of our major shareholder, Borrowdale Park, will enable us to begin construction activities, as planned, in the coming months.

"To have secured this level of funding in the current challenging market conditions reflects the quality of Vista, as well as of the entire Coalspur team who have worked tirelessly over many months to reach this point. The funding also allows Coalspur to retain 100% ownership of this world class project, which provides flexibility for the future.

"This is an exciting juncture for the Company. We are in the final stages of our regulatory approval process for Vista and remain on schedule to move into construction shortly after the shareholder meeting which will be held to vote on these funding arrangements. It is expected that shareholders will be asked to approve these funding arrangements in June."

EIG Facility Key Terms

The key terms and conditions of the Facility are as follows:

- Facility of up to US$350 million provided by investment funds advised and managed by EIG

- Maturity date of eight years following the first draw down

- First ranking security

- Interest rate of 8% per annum in cash plus 3% per annum which can be capitalised or paid in cash. The cash payments will not start until Coalspur is in production

- Conditions precedent to funding, covenants and warranties typical for a facility of this nature, including maintenance of certain financial ratios

- Make-whole premium payable on voluntary redemption

- EIG has the right to appoint an observer on the Coalspur Board of Directors

- Subject to TSX and shareholder approval, EIG's investment funds will be granted 120 million warrants with an exercise price of A$0.55. These warrants expire on the maturity date of the Facility, or earlier in certain circumstances ("EIG Warrants")

The final size of the Facility will be determined following the execution of a mining contract (expected in early 2014). Drawdown under the Facility has been structured in several phases to accommodate the Vista development schedule:

- An initial US$37 million can be drawn down following, among other conditions precedent:

-- Necessary approvals of the Facility and EIG Warrants, including Coalspur shareholder and Foreign Investment Review Board approvals; and

-- Restructuring of the existing facility with Borrowdale Park.

- A further US$120 million can be drawn down following receipt of necessary regulatory approvals to commence construction on Vista and other customary conditions precedent for a facility of this nature.

- Subsequent drawdowns, which on the current spending profile are anticipated in the first half of 2014, are subject to further funding arrangements for the construction of Vista Stage 1 and certain other conditions precedent.

Borrowdale Park Note

Coalspur has currently drawn C$40 million of the C$70 million loan facility that it has with Borrowdale Park. Coalspur will repay C$10 million of this outstanding amount and restructure the remaining C$30 million as a subordinated debt obligation of Coalspur (the "Borrowdale Park Note").

The Borrowdale Park Note can be repaid at any time with a final maturity date of one month following the maturity date of the Facility. If the Borrowdale Park Note is not repaid by 31 December 2017, Borrowdale may elect to convert the Borrowdale Note into Coalspur shares at a discount to the 10 day volume weighted average price at that time. Upon receiving Borrowdale's election, Coalspur has 60 business days in which to refinance the Borrowdale Park Note or issue Coalspur shares.

As part of this transaction, and subject to TSX and shareholder approvals, Borrowdale Park will be issued with 14 million warrants with the same terms as the EIG Warrants.

Next Steps

In the coming months Coalspur will move to satisfy various conditions of the Facility, fully document the Borrowdale Park Note, finalize regulatory approvals and begin construction on Vista.

Coalspur will convene a shareholder meeting, anticipated to be held early in June 2013, to vote on the Facility and the Borrowdale Park Note. All issuances of securities pursuant to the transactions are subject to TSX approval.

The regulatory process for Vista continues to advance and approvals are expected within the next few months. This timing coincides with the expected approval of the Facility and Borrowdale Park Note and will allow Coalspur to begin construction on Vista shortly thereafter.

About EIG (www.eigpartners.com)

EIG is a leading institutional investor in the global energy sector, with US$10.4 billion under management as of December 31, 2012. EIG specializes in private investments in energy, resources and related infrastructure and was formerly the Energy & Infrastructure Group of Trust Company of the West. During its 31-year history, EIG has invested over US$14 billion in the sector through more than 290 projects or companies in 33 countries on six continents. EIG's clients include many of the leading pension plans, insurance companies, endowments, foundations and sovereign wealth funds in the United States, Asia and Europe. EIG is headquartered in Washington, DC, with offices in Houston, London, Sydney, Hong Kong, Seoul and Rio de Janeiro.

Coalspur Mines Limited
T: +1-403-261-9971
WWW: www.coalspur.com

Cuesta Coal Limited (ASX:CQC) FIRB Approval Received For $12 Million Share Placement

newsroom@abnnewswire.net — Tue, 16 Apr 2013 09:27:53 GMT

Cuesta Coal Limited (ASX:CQC) today announced that it has been notified by Beijing Guoli Energy Investment Co., Ltd (“Beijing Guoli”) that it has received Foreign Investment Review Board (FIRB) approval for its investment in Cuesta through its wholly owned subsidiary Longluck Investment (Australia) Pty Ltd (Longluck).

On 22 February Cuesta announced it had executed a Share Placement Agreement to raise a further $12 million by issuing 66,666,667 new ordinary shares at A$0.18 per share to Beijing Guoli. The funds will be used to fast-track the development of Cuesta’s flagship Moorlands Project which now has a 146.1 Mt JORC resource, and significant exploration upside.

Once this $12 million placement is completed, this will take Beijing Guoli’s total investment in Cuesta to $32 million. Cuesta’s Managing Director Matthew Crawford said: “FIRB approval marks an important milestone in completing this latest placement and we are pleased to confirm that Beijing Guoli is very committed to supporting Cuesta’s growth strategy.

“Cuesta and Beijing Guoli are working closely and cooperatively and we continue to strengthen our partnership. Our collective aim is to achieve production at Moorlands as soon as possible, and we are working hard to achieve this.”

Cuesta Coal Limited
T: +61-2-9284-5900
F: +61-2-9284-5999
E: info@cuestacoal.com.au
WWW: www.cuestacoal.com.au

Cuesta Coal Limited (ASX:CQC) Matt Crawford presents update on the Moorlands Project

newsroom@abnnewswire.net — Thu, 11 Apr 2013 09:15:15 GMT

Cuesta Coal Limited (ASX:CQC) ("Cuesta") is pleased to advise that an audio interview with the Managing Director, Mr. Matthew Crawford, has been posted providing an update on the Company's recent operational and corporate developments.

The interview provides an update on the recently completed geological model and resource estimate for Moorlands and provides an overview of the development plans for the Project located in the Western Bowen Basin, Queensland.

Access this interview at:
http://www.brrmedia.com/event/111137

Cuesta Coal Limited
T: +61-2-9284-5900
F: +61-2-9284-5999
E: info@cuestacoal.com.au
WWW: www.cuestacoal.com.au

Cuesta Coal Limited (ASX:CQC) Moorlands Geological Model & Resource Estimate Completed

newsroom@abnnewswire.net — Tue, 9 Apr 2013 08:59:12 GMT

Cuesta Coal Limited (ASX:CQC) ("Cuesta") is pleased to announce the completion of Geological Modelling and Resource Estimate at the company's 100% owned Moorlands Project (EPCs 775, 776, 1738) in the Western Bowen Basin, Queensland.

The Moorlands Project is Cuesta's flagship development project containing ~146Mt of export thermal coal with significant exploration upside. The Moorlands Project comprises EPCs 775, 776 and 1738 is located 14km to the west of the Blair Athol Coal Mine and rail access.

Geological Model and Resource Calculation

The geological model was produced by combining geological data following the acquisition of EPCs 775, 776 with Cuesta's existing data base (notably on EPC 1738 where Cuesta has drilled 44 holes totalling 5,382m since 2011), creating a robust 3D geological model confirming the north / south continuity of the coal seams throughout the basin. The resource has been calculated at 146.1Mt with 86% of the resource is less than 150m from the surface. Details of the resource are shown in Table 1 and 2 (see link below).

Mine Scoping Study and Future Work

Cuesta has engaged Xenith Consulting (Xenith) to complete a Mine Scoping Study on the Moorlands Project and it is anticipated that this will be completed in the next 3 - 4 weeks.

The Geological Model has been provided to Xenith including the coal washability work indicating good washability characteristics with good to excellent recoveries. Importantly early indications are that several raw coal seams can bypass the requirement for washing, thus reducing capital and operating expenditure in the development and operation phase of the project.

Cuesta intends to drill the resource base to a JORC Indicated category in the lead up to commencing feasibility studies.

Cuesta looks forward to informing shareholders of the full outcomes of the Mine Scoping Study when completed.

To view tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CQC-729704.pdf

Cuesta Coal Limited
T: +61-2-9284-5900
F: +61-2-9284-5999
E: info@cuestacoal.com.au
WWW: www.cuestacoal.com.au

Coalspur Mines Limited (ASX:CPL) and CN Sign Definitive Rail Transportation Agreement

newsroom@abnnewswire.net — Wed, 27 Mar 2013 11:19:05 GMT

Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is pleased to announce that it has reached a definitive agreement with CN (TSE:CNR) (NYSE:CNI) for the transportation of thermal coal from its Vista Coal Project ("Vista") to Ridley Terminals Inc., as well as final agreement with CN regarding the construction of the railway line to serve the mine.

Definitive Rail Transportation Agreement

The Agreement with CN is for a seven-year period, effective from 1 January 2013 and extending through to 31 December 2019. Pursuant to the terms of the Agreement, as with most western Canadian coal producers, CN will supply the equipment to carry Coalspur's coal to tidewater. The key elements of the Agreement are consistent with the terms announced by Coalspur on 14 December 2012 and include transportation of up to 12 million tonnes per annum ("Mtpa") of coal; and defined rates with agreed escalation and fuel surcharge calculations.

As a result of signing this Agreement, Coalspur is able to confirm that its logistics costs for Vista will be as outlined in the Coalspur press release date 20 December 2012. Total FOB operating costs for Vista are projected to be C$56.98 per tonne in the first five years of production, C$59.55 per tonne in the first ten years of production and C$66.40 per tonne over the life of the mine.

Rail Line Construction Agreement

Coalspur and CN have also signed an agreement which will govern the construction of a 6.5km long railway line providing CN access to Coalspur's loading site. The rail line will enable Coalspur to load the entire train in one continuous load. Subject to regulatory approval construction activity is expected to begin in Q3 2013 and be completed in early 2015. CN will ensure the rail line meets their design and construction specifications.

"We are very pleased to have finalized these contracts with CN," said Gill Winckler, Coalspur President and CEO. "The agreements provide further clarity and stability over our operating costs in the initial years of mining at Vista. Rail and port logistics costs account for approximately 50% of Coalspur's FOB cash costs, which are now under contracted rates.

"Coalspur continues to deliver on its milestones. We are in the final stages of detailed negotiations for the funding arrangements for Vista and remain engaged with regulatory agencies so that we can secure regulatory approvals for Vista Phase 1, enabling us to commence construction in the second quarter of 2013."

For a table of JORC / 43-101 Compliant resources, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-CPL-629851.pdf

Coalspur Mines Limited
T: +1-403-261-9971
WWW: www.coalspur.com

Noble Resources (SGX:N21) Takes Stake in Pan Asia Corporation Limited (ASX:PZC)

newsroom@abnnewswire.net — Thu, 21 Mar 2013 08:25:15 GMT

Pan Asia Corporation (ASX:PZC) is pleased to advise that Noble Resources International Pte Ltd, a wholly-owned subsidiary of Singapore-listed Noble Group (SGX:N21) ("Noble") has acquired an equity stake in the Company, and has also been appointed a strategic advisor to PT Transcoal Minergy ("PT TCM"). PT TCM is developing a High CV Thermal coal project in South Kalimantan, Indonesia and is 75% owned by the Company.

The Company and Noble have entered into a share subscription agreement under which Noble will subscribe for 7 million shares (5.34% of the Company, post issuance) at an ascribed value of $0.07 per share. The shares allocated to Noble are subject to voluntary escrow for a period of 9 months. Subject to PZC obtaining a waiver from the ASX, Noble will have top up rights to maintain its holding post completion.
Pan Asia CEO Alan Hopkins said: "We are very pleased to further strengthen the ties between the companies. We have a shared motivation to expedite the advancement of production at TCM, and to pursue additional growth opportunities."

"In particular, Noble has a strong understanding of and presence in the Indonesian Coal industry and can provide Pan Asia with invaluable support in delivering the TCM Project," Mr Hopkins said.

Noble is a global diversified natural resources supply manager of energy products, minerals, metals and ores. It is listed on the Singapore Stock Exchange (SGX: N21), with headquarters in Hong Kong and has considerable expertise in the international thermal coal market.

Under the Strategic Advisory Agreement Noble will:

- Provide strategic marketing advice to PT TCM in respect of coal produced from the concession in South Kalimantan;
- Assist with TCM Coal sales agreements direct to end customers; and
- Assist raising capital to finance the development of the high CV thermal coal project (without being under an obligation to provide funding).

Pan Asia and Noble developed a commercial relationship through previous arrangements in East Kalimantan, and the new arrangements supersede and replace all those arrangements. The key terms of the new arrangements are set out below:

Key Terms of Transaction Documents

Share Subscription Agreement

- Subject to various conditions precedent, including the Company obtaining a waiver from ASX in relation to the proposed top-up rights described below;
- The total number of Subscription shares issued will be 7,000,000 @ $0.07 per share for total consideration of $490,000. The Company will set off this amount against the monies owed to Noble under the existing offtake arrangements with Innovation West Pty Ltd ("Innovation"), a company 100% owned by the PZC. See further below;
- Shares issued to Noble to be subject to voluntary escrow for a period of 9 months;
- Noble has the right to appoint a Noble employee as director to the Board of the Company provided that its shareholding remains at least 5%;
- Subject to the Company obtaining a waiver from ASX, Noble has certain top-up rights in relation to future equity issuances by the Company. These top-up rights are lost if Noble's interest in the Company falls below 5%. The Company has lodged a submission with ASX in respect of the required waiver, and will advise the market when the outcome of the ASX decision making process is known.

Strategic Advisory Agreement (SAA)

- Noble appointed strategic advisor for sales of TCM Coal on a worldwide basis;
- Noble to be paid a strategic advisory fee, which will commence on coal production and will be calculated by reference to the revenue received by PT TCM on the sale of coal;

Termination Agreement

- Innovation and Noble have entered into a termination agreement in respect of all existing offtake arrangements.

Alan Hopkins
Chief Executive Officer
Pan Asia Corporation Ltd
Tel: + 61 8 9381 5819
Media
Michael Vaughan / Annette Ellis
Cannings Purple Communications
Tel: +61 8 6314 6300 /0422 602 720