Sam's Seafood Holdings Limited (ASX:SSS) Signs Drill Contract And Drill Rig Being Mobilised To Roda Niaga Coal Project, Southern Kalimantan, Indonesia

Perth, Nov 9, 2009 AEST (ABN Newswire) - The directors of Sam's Seafood Holdings Limited (ASX:SSS) (the Company, proposed to be renamed as Pan Asia Corporation Limited) are pleased to announce the mobilisation of a diamond drilling rig to the Roda Niaga Coal Project located approximately 10km to the west of Batulicin, southern Kalimantan, Indonesia. A contract has been signed with PT Maxidrill Indonesia for the drilling of up to seven (7) diamond drill holes targeting high quality thermal coal deposits.

Highlights

- Drilling rig mobilised to Roda Niaga with drilling expected to begin within the next few days

- Up to seven (7) diamond drill holes to be completed, with the option to continue drilling based on the success of these initial holes

- Drilling is targeting the down-dip position of thermal coal seams being mined in three nearby open pit mines

- SRK Consulting engaged to act as technical consultants and Competent Persons for reporting of Exploration Results in accordance with the JORC Code

The Roda Niaga Coal Project covers 6,412Ha and is prospective for thermal coal deposits, given its close proximity to a number of existing open pit coal mines with exposed coal seams seen to dip shallowly (~100) into the Roda Niaga concession. These coal mines range from 500m to 1,500m from the north-western corner of the Roda Niaga concession boundary.

Up to seven (7) HQ-3 diamond drill holes will initially be completed, focusing on the north-western corner of the concession. This drilling program is designed to test the thickness, position and quality of these coal seams as they extend into Roda Niaga. Should this drilling return positive results, it is likely further drilling will be undertaken to delineate the size of the coal deposit contained within Roda Niaga to a JORC-standard.

The Batulicin area has excellent coal infrastructure, with a coal haulage road currently running through the centre of the Roda Niaga concession. Coal handling, blending and barge loading facilities are all located nearby.

The Roda Niaga project is ~16.5 kilometres South East of the TCM coal project announced on October 26th.

Contact

Alan G. Hopkins Chief Executive Officer Tel: +61-8-9381-5819