08/02/2011 - 13:28

Pan Asia lifts on resource boost

08/02/2011 - 13:28

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Pan Asia Corp's share value has jumped, after it announced a 73 per cent increase in its resource estimate at its TCM coal project in Indonesia.

Pan Asia lifts on resource boost

Pan Asia Corp's share value has jumped, after it announced a 73 per cent increase in its resource estimate at its TCM coal project in Indonesia.

ASX- and Frankfurt-listed Pan Asia, which holds its head office in Perth, announced that JORC-compliant resources at the TCM coal project increased to 53.2 million tonnes, up from 30.7 million tonnes estimated from the first phase of drilling.

At 1:00PM, Pan Asia shares were up 8.7 per cent, trading at $0.25.

Pan Asia chief executive Alan Hopkins said the TCM project would feature strongly in the company's push to become a key resource supplier in Asian markets.

"The substantial increase in the Project's JORC Resource is great progress," Mr Hopkins said.

"TCM continues to generate consistently good results. We are confident this Project has great potential to rerate the Company, and we look forward to moving forward rapidly to the next phase."

 

 

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