Research Report by Alpha Securities
Sydney, April 30, 2012 AEST (ABN Newswire) - Padang Resources Ltd (
ASX:PXR) formerly Palace Resources Ltd, has announced that it had entered into a Memorandum of Understanding (MoU) to acquire a 70% interest in the Paser Project, a prospective Indonesian coal project located in East Kalimantan province.
The project area comprises of a 43ha production license (IUP), with all environmental and mining approvals granted. PXR have commenced a due diligence program, with the company in the process of mobilising a technical team.
Strong Technical Team Mobilised
PXR has assembled a strong in-country technical management team to commence work on the Paser Project, including an in country manager and independent geologist, based locally and with 17 years experience in Indonesian coal mining projects and direct experience in projects that lie within the Tanjung Formation in Paser Regency.
Favourable Project Infrastructure
The project area is located approximately 127 kilometres SW from Balikpapan. Good quality haul roads exist in and around the concession area. In particular, Jetty locations are within 14 kilometres of the concession and are within a short distance to a deep water harbour, with an existing operational port nearby. The distance by barge from the loading facility is ~30 kilometres.
High Indicative Coal Quality
Coal analysis figures from nine samples provided by the vendor (to be validated by PXR during the due diligence phase) indicate an average calorific value of 6,841 kcal/kg, with overall figures (calorific value, ash, moisture and sulphur content) comparing favourably with the figures for typical Indonesian bituminous coal as well as the benchmark Rio Tinto thermal coal blend.
For the Full Report From Alpha Securities, Please visit:
http://media.abnnewswire.net/media/en/docs/ASX-PXR-587405.pdf
Contact
Padang Resources Limited
T: +61-8-9429-2908
WWW: www.padangresources.com.au
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