www.unuudur.com » C@ to acquire coal prospects in Mongolia

C@ to acquire coal prospects in Mongolia

[Нийтэлсэн: 13:48 28.10.2011 ]

www.yahoo.com

C@ has announced a deal to transform it from a listed shell company to a Mongolia-focused coal explorer. The company announced today it would acquire eight coal licenses in Mongolia’s Ovorhangay and South Gobi provinces from US coal giant Peabody Energy for $US7.8 million.To complete the purchase and begin an exploration and evaluation program, the company will raise $28 million in an institutional placement and change its name to Draig Resources.

C@ managing director Mark Earley said the acquisition represented a significant and exciting opportunity for the company to expand the scale of its activities.

“We have already identified coking coal properties in Ovorhangay and will now push ahead to confirm a JORC compliant resource by early next year,” he said.

“Importantly, a number of licences are close to existing producing assets and infrastructure with close proximity to major energy markets like China and Russia making the economics of this project very favourable.”

Shareholders will vote on the plans at the company’s annual general meeting on November 30.

C@ shares are suspended, having last changed hands for 6.9 cents.

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