ASX:PXR) is pleased to announce that it has commenced its drilling program at the Paser Project in East Kalimantan. The initial ten (10) hole drill program ("drill program") is designed to confirm coal quality, depth, thickness and spread of coal seams below surface.The Company is targeting completion of the drill program by end of December, 2012 to be followed by a coal quality report and subject to results, with a mine plan.
Drilling is in progress at two locations on the tenement detailed as drill hole six (DHO6-PXR) and drill hole nine (DHO9-PXR) on the attached Paser Drilling Plan Map.
The drill rigs will core fresh samples of the coal seams down dip from the outcrops.
The samples will be submitted for a comprehensive suite of coal analyses. To ensure reliable analytical results, Padang's in country experienced geologists measure core recovery, seal the samples at the drill rig and send the samples by courier to an international laboratory in Samarinda.
Next steps
Padang will keep shareholders informed of drilling progress and any other material developments regarding the exploration program at the Paser Project. Further, the Company continues to review additional projects that meet investment criteria within Kalimantan and in particular the Paser Region.
View the full Padang announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-PXR-613716.pdf' target=_blank>http://media.abnnewswire.net/media/en/docs/ASX-PXR-613716.pdf' target=_blank>http://media.abnnewswire.net/media/en/docs/ASX-PXR-613716.pdf
About Palace Resources Limited
Contact
Padang Resources LimitedT: +61-8-9429-2908
WWW: www.padangresources.com.au
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