🕐23.09.10 - 08:54 Uhr
Ncondezi Coal Commences Core Drilling
23 September, 2010
NCONDEZI COAL COMPANY LTD
("Ncondezi" or the "Company")
NCONDEZI COMMENCES CORE DRILLING
Ncondezi Coal Company Limited (AIM: NCCL), a coal exploration and
development company with coal assets in the Tete Province in Mozambique,
today announces the initiation of core drilling on licences 804L & 805L
(the "Ncondezi Project"), as part of the Companys work programme to
complete a Definitive Feasibility Study ("DFS") by mid 2012.
The core drilling follows the announcement on 1 September, 2010 that the
Company had commenced the DFS work programme.
Currently there is one
core drill rig on site.
A further 2 core drill rigs are expected on site
in the next few weeks.
This is in addition to the 3 percussion hole
drill rigs currently drilling holes spaced at 4km & 2km centres on a
grid across the whole Ncondezi Project licence areas.
Cores are being stored in a refrigerated store at the Companys site
camp and will be sent to a laboratory in South Africa for a full suite
of wash and, depending on results, coking coal tests.
Results are
expected in the early part of Q1 2011 and will be released when they
have been received and processed.
Graham Mascall, CEO of Ncondezi Coal Company, commented:
"I am very pleased to announce that we are now drilling cored holes on
schedule in parallel with more percussion holes on our Ncondezi Project.
This will enable completion of coal quality test work and announced
results.
We look forward to keeping our investors informed of our
progress."
Enquiries:
Ncondezi Services (UK) Limited
Graham Mascall/ Manish Kotecha +44
(0)20 7183 5402
Liberum Capital Limited
Nominated Adviser and Joint Broker +44
(0)20 3100 2000
Chris Bowman/Ellen Francis
Renaissance Capital Limited
Joint Broker
+44 (0)20 7367 8273
Jeremy Wrathall
Pelham Bell Pottinger
Charles Vivian/Klara Kaczmarek
+44 (0)20 7861 3232 / +44 (0) 7859 048 228
About Ncondezi Coal Company Ltd
Ncondezi Coal Company Ltd is an exploration and development company with
four coal exploration and prospecting licences in the Tete Province of
Mozambique.
The Company holds prospecting and exploration licences over
more than 73,160 ha in the Zambezi Basin, a geological environment
considered to be one of the last undeveloped coal basins in the world.
Exploration work is most advanced on the Ncondezi Project, which
comprises licence areas 804L & 805L, and is located approximately 40km
northeast of the provincial capital Tete and 10km from the Sena railway.
The Ncondezi Project covers an area of approximately 38,700ha and has a
JORC coal resource of 1.8 billion tonnes.
A scoping study completed in
early 2010 confirmed the economic potential for an open pittable 10
million tonne per annum export thermal coal operation with coking coal
potential.
It is the Companys objective to complete a definitive
feasibility study on the Ncondezi Project in the second half of 2012 and
move to initial production in the second half of 2014.
Further details about Ncondezi Coal Company Ltd can be found on the
Companys website: www.ncondezicoal.com
Klara Kaczmarek
Account Director
Direct line: +44(0)20 7861 3883
Mobile: +44 (0)7859 048 228
Pelham Bell Pottinger
5th Floor, Holborn Gate, 330 High Holborn, London, WC1V 7QD
Tel: +44 (0)20 7861 3232 Fax: +44 (0)20 7861 3233
www.pelhambellpottinger.co.uk
PLEASE NOTE OUR NEW OFFICE
ADDRESS & TELEPHONE NUMBERS AS OF MONDAY 24 MAY 2010
.......................................
A CarbonNeutral(r) company
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