Jameson Resources Limited (ASX:JAL) Quarterly Activities Report For June 2009
Perth, July 29, 2009 AEST (ABN Newswire) - Jameson Resources Limited (ASX:JAL) is pleased to provide to shareholders the June 2009 Quarterly Report. Norwest Corporation ("Norwest"), a leading international consulting group is undertaking the recommissioning study on behalf of Jameson on the Basin Coal Mine ("Basin" or the "Project") in British Columbia. The objective of the re-commissioning study will be to develop a project implementation schedule to recommission the project as a low cost open pit coal mine under the existing 250,000 tpa mining permit.
Pending successful outcome of the study, production could commence within 12 months. Preliminary scoping studies and environmental assessment will also be undertaken to assess the viability of an expanded production scenario of approximately 1m tonnes per annum.
Significant progress has been made on the recommissioning study including a significant upgrade to the resource base and also a bulk sample trenching program. The resource upgrade from 19 Mt to 117 Mt of bituminous thermal coal substantially increases potential for extended mine life. Indicative results from the coal quality test work have confirmed that after washing, the coal from Basin is a high quality bituminous coal suitable for export markets. Other components of the recommissioning study including, mining studies, and transportation studies are at varying stages of completion with final results anticipated early in Q3 2009.
The Company has completed a capital raising to predominantly overseas based institutional investors through Chess Capital Pty Ltd (Chess). The Company placed 6,770,000 Shares at $0.25 each to raise A$1,692,500 before raising costs. The placement provides the first tranche of working capital required for the recommissioning of the Basin Coal mine.
Project Summary
Basin is located 30km northwest of Princeton, British Columbia. Compliance Energy Corporation has the right to develop and mine the coal on licences covering 2,172 ha. The mine tenements cover most of the Tulameen Syncline, of which the Province of British Columbia government has estimated the resource potential to be greater than 200Mt of coal.
Mining at the Basin Coal Mine began in 2002, but was ceased in 2006 when the provincial government abolished the use of coal power plants in British Columbia Infrastructure remaining on site includes a coal washing process plant, crusher, road, workshop, and administration buildings.
A registered Mining Permit to produce up to 250,000 tonnes of coal per year remains in place.
The Basin Coal Mine had an existing NI43-101 resource of 19 million tonnes of raw thermal coal which has now been upgraded to 117Mt. The resource is confined to the 17 metre (average) main seam (over 5 times the Australian coal seam average) extending over a 1.5km strike length.
Norwest Corporation is undertaking a feasibility study on behalf of the Company to develop a project implementation schedule to recommission the project as a low cost open pit coal mine under the existing 250,000 tpa mining permit. Preliminary scoping studies and environmental assessment are also being undertaken to assess the viability of an expanded production scenario of approximately 1M tonnes per annum. Pending successful outcome of the study, production could commence within 12 months.
For the complete Jameson Resources Quarterly Activities Report for June 2009, please click the link below:
http://www.abnnewswire.net/media/en/docs/61137-ASX-JAL-454398.pdf
Contact
John Holmes
Executive Director
Tel: +61-8-9200-4473
Fax: +61-8-9200-4463
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