Pan Asia advances TCM coal project

Pan Asia Corporation has announced a formal agreement with underground mining group KOPEX to undertake a final feasibility study on its TCM coal project in Indonesia.

Perth-based Pan Asia also said it had appointed Palaris Mining as its independent adviser to the study.

The TCM project has a current resource of 52.20 million tonnes, comprising 22.04Mt of indicated coal resources and 30.16Mt of inferred coal resources.

The final feasibility study is scheduled to be completed by the first quarter of next year.

"Its outcome should prove to be one of the catalysts that significantly rerate the company," Pan Asia chief executive Alan Hopkins said.

"Additional drilling and test work has already started and we look forward to the resource updates to come."

At 1:00PM (WST) Pan Asia stock was down 7.4 per cent, at 12.5 cents.