23/05/2008 - 15:41

Spitfire moves into coal

23/05/2008 - 15:41

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Exploration company Spitfire Resources Limited has moved to diversify its asset portfolio and commodity base by acquiring an advanced coal project in Tasmania.

Spitfire moves into coal

Exploration company Spitfire Resources Limited has moved to diversify its asset portfolio and commodity base by acquiring an advanced coal project in Tasmania.

It has entered an agreement to acquire Black Rock Energy Pty Ltd, a privately owned company whose assets include an advanced thermal coal project and a prospective portfolio of coal exploration properties located in the Derwent Valley, north-west of Hobart in Tasmania.

Spitfire is pleased to advise that it has reached conditional agreement with the shareholders of Black Rock, to acquire all of its issued capital. Black Rock's assets comprise applications for the advanced Langloh Coal Project, the Avoca Coal Project, the Ouse Coal Project and the Sandfly Coal Project, located in Tasmania.

The proposed acquisition provides Spitfire with an opportunity to significantly expand the existing JORC compliant 10 Mt In Situ Inferred thermal coal resource at Langloh within a 12 month timeframe as the basis for a potential niche thermal coal export business in Tasmania. It also provides an attractive pipeline of exploration opportunities in the region for additional thermal coal deposits.

 

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