Springsure Creek Project Reserves Upgrade
Brisbane, April 26, 2012 AEST (ABN Newswire) - Bandanna Energy Limited (
ASX:BND), through its wholly owned subsidiary Springsure Creek Coal Pty Ltd, is pleased to announce a 50% increase in the Marketable Reserve at its Springsure Creek Project in the southern Bowen Basin south of Emerald, Queensland.
The JORC compliant Marketable Reserve at EPC 891 (Springsure Creek) has increased from 102.6Mt to 153.5Mt as part of an underground longwall mine designed by independent Brisbane based mining consultants Minecraft Consulting Pty Ltd. The Marketable Reserve is derived from JORC compliant Probable Reserves of 161.6 million tonnes and declared "marketable" by Minecraft Consulting following reviews of mining, economic and marketing data.
The increased Reserves are underpinned by a recently updated total JORC compliant Resource of 490.5 million tonnes for the Springsure Creek Project. Bandanna Energy now has a total of 1,650 million tonnes of JORC compliant resources and 306.6 million tonnes of Marketable Reserves in its project portfolio.
The Reserve upgrade, and corresponding refinement of the Springsure Creek mine development plan, is a significant component of the Definitive Feasibility Study which is currently underway and due for completion in September 2012.
Bandanna has three drill rigs continuing to operate on the Springsure Creek Project seeking to further upgrade the Resource and collect geotechnical data to assist in detailed planning of mine development.
Springsure Creek has already secured 4Mtpa of port capacity at the Wiggins Island Coal Export Terminal (WICET) Stage 1, which is currently under construction. That port capacity, combined with rail upgrade and access agreements with QR National and a rail haulage agreement with Pacific National, provides Bandanna for the pathway for development of the Springsure Creek project.
Managing Director of Bandanna Energy, Mr Michael Gray, commented: "This expansion of the Marketable Reserve and corresponding mine plan refinement are milestones in the ongoing development of the Springsure Creek project. The progression of mine development plans, in combination with our secured infrastructure capacity, ensures that Bandanna is poised to become Australia's next coal producer."
To view the complete Bandanna announcement including all data, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-BND-187824.pdf
About Bandanna Energy Limited
Bandanna Energy Limited (ASX:BND) is uniquely positioned to become Australia's next coal producer. The company's core activities are exploration, project evaluation and development of thermal and PCI coal assets located in Queensland, Australia.
Bandanna Energy is the only ASX listed company with substantial coal assets in both the Bowen and Galilee basins subject to EIS and advanced mine studies. The company is committed to working constructively with the communities in which it operates, and delivering growing returns to shareholders, government and the community.
Bandanna Energy's Springsure Creek underground thermal coal project is scheduled to commence production in mid-2015. Bandanna is a 14% shareholder in Wiggins Island Coal Export Terminal (WICET) Stage 1 at Gladstone, with port allocation of 4Mtpa for the Springsure Creek Project, and has also secured the necessary infrastructure capacity for the integrated rail haulage of coal from the Springsure Creek Project to port.
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