Thursday, July 23, 2009

Churchill updates East Kutai coal project

Churchill Mining Plc, the Indonesia-focused mining company with a JORC-compliant resource of 3.18 billion tons of thermal coal at its East Kutai coal project, remains confident it could produce 20 million tons per annum of coal for at least 20 years despite the delay in the first JORC-compliant coal reserve statement.
"I am disappointed that the JORC category updates are taking longer than anticipated and would like to thank investors for their patience and appreciation of the vast volume of data, which needs to be analyzed to make the calculations," Paul Mazak, Managing Director of Churchill said in a statement sent to Indonesia Today. 
Churchill is presently finishing the upgrade into categories of its 3.18 billion tons JORC-compliant classifications for 1.412 billion tons (measured 118 million tons, indicated 322 MT, inferred 972 MT) of this global resource with the balance due to be modelled by July 2009.
In May 2007, Churchill announced a sales agreement to purchase a 75% interest in the East Kutai coal project from PT Techno Coal Utama. 

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