11:22 AEST Apr 30, 2012 ABN Newswire (C) 2004-2012 Asia Business News PL. All Rights Reserved.
Perth, Australia (ABN Newswire) -
Pan Asia Corporation Limited (ASX:PZC) is pleased to provide its Quarterly Activity Report for the quarter ended 31 March 2012.
HIGHLIGHTS:
OPERATIONAL
TCM Project (114Mt JORC, 6500 - 6800 adb CV)
- 4 exploratory drill holes in the North confirm coal seams continue from the South.
- Commissioned additional drill programme in North , targeting 200Mt to 220 Mt total resource
- Feasibility Study nearing completion; expected next month and to now include consideration of potential additional resource in north.
Ranrich
Restructured arrangements with Ranrich
- Pan Asia was repaid USD 4.5m cash
- Pan Asia to receive royalty on BCKP project up to USD 15m
- Ranrich to deliver remaining ~ 170,000 tonnes of coal to Noble
Other
- CEO Alan Hopkins presented the TCM project at the Asia Mining Congress in Singapore where the Company was a sponsor of this large regional event.
- Progressed discussions on additional project opportunities and also with potential development partners for the TCM project.
Pan Asia CEO Alan Hopkins said 'It has been a really good quarter for us, with the TCM project showing potential to double in size and the Ranrich restructuring allowing the Company to focus on adding value to the flagship TCM project. With the feasibility study out shortly, we are poised to really add some value this year'.
To view the complete Pan Asia Corporation Quarterly Report, please refer to the following link below:
http://media.abnnewswire.net/media/en/docs/ASX-PZC-587576.pdf
About Pan Asia Corporation Limited:
Pan Asia Corporation Limited (ASX:PZC) is a rapidly growing resource company listed on the Australian Securities Exchange (ASX Code: PZC) with offices in Jakarta, Perth and Sydney.
The Company aims to be a major supplier of key resources into the expanding Asian markets and has a Flagship high CV thermal coal project with an initial significant JORC resource in South Kalimantan (TCM Project). The TCM Project is nearing completion of Feasibility Study (scheduled for early next quarter).
Pan Asia brings together an experienced Board and management team with a proven track record in the identification, funding and development of resources projects around the world.
Contact:
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW:
www.panasiacorp.com.au
