21/09/2009 - 11:08

Liberty surges on coal resource upgrade

21/09/2009 - 11:08

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Shares in Liberty Resources have surged higher on the back of a resource boost from 338 million tonnes to 3.1 billion tonnes at its Queensland coal tenements.

Liberty surges on coal resource upgrade

Shares in Liberty Resources have surged higher on the back of a resource boost from 338 million tonnes to 3.1 billion tonnes at its Queensland coal tenements.

The resource boost is in line with Subiaco-based Liberty's exploration target of between 280 to 350 billion tonnes.

In a statement today, Liberty said the resource boost is from four of its coal projects; Merival Westgrove, Andrew and Lauren, and is in the inferred category.

"This significant inferred resource increase still only represents a small area of Liberty's total project potential," managing director Andrew Haythorpe said in a statement.

The resource will be the basis for Liberty to lodge further mining development applications and will fast track underground coal gasification investigations.

Shares in Liberty climbed four cents, or 20 per cent, to a high of 24.5c before settling at 22.5c at 12:46 AEST.

 

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