Coalspur Mines Limited (ASX:CPL) Initial Coal Resource Of 168.3Mt Defined At Vista South And Total Coal Resources Increased To 1.07Bt
Perth, Nov 3, 2010 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (PINK:CSPZF) is pleased to announce that an initial Coal Resource of 168.3 million tonnes ("Mt") has been defined on the North West portion of the Vista South leases.
This increases the Company's total Coal Resource to 1.07 billion tonnes ("Bt") across both the Vista Coal Project ("Vista") and Vista South located in Alberta, Canada.
Commenting on the resource upgrade the Company's Managing Director and CEO, Mr Gene Wusaty, said "The Vista South Project area extends for over 25km on each of the northern and southern limb of the Entrance Syncline. Given its proximity to the flagship Vista Coal Project we will initially be focusing on the northern limb which we believe has the potential to host a significant coal resource. Any economic coal deposits defined on the northern limb can easily be leveraged off the infrastructure to be developed for the Vista Coal Project."
"The first phase of drilling has given us a much improved understanding of the geological structure in the large areas evaluated and will help determine the targets for the second phase drilling program. Although our ongoing Pre-feasibility Study is focused on the Vista Coal Project we will restart drilling Vista South later this year and continue to advance our understanding of this area which can provide a significant upside to our current Vista Coal Project".
The initial Vista South Coal Resource estimate has been based on the historical drilling data and recently completed Vista South drilling program. The drilling completed by the Company was the first phase drilling program and consisted of 19 rotary drill holes which were drilled primarily to locate and define seam structure. The second phase is planned to begin in November 2010 and will consist of 30 rotary and diamond drill holes. The Resource Estimate has been completed in accordance with the JORC Code (2004) and National Instrument 43- 101 ("NI 43-101").
Vista South is located immediately to the southwest of the Vista Coal Project, which has a Measured and Indicated Coal Resource totalling over 812.6Mt of low sulphur, high volatile bituminous, export quality thermal coal. Vista South resources have 93.3Mt in the Measured and Indicated categories.
For the complete Coalspur announcement including figures and tables, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64080-ASX-CPL-513715.pdf
About Coalspur Mines Limited
Coalspur Mines Limited (ASX:CPL) (TSE:CPT) is a coal development company with approximately 55,000 hectares of coal leases located within the Hinton region of Alberta, Canada. Coalspur's flagship project is Vista, which covers approximately 10,000 hectares and provides a large scale, surface mineable, thermal coal development. Vista is located adjacent to CN Rail's main line, which is suitable for the transport of coal to deepwater ports on Canada's west coast. Coalspur has secured a port allocation agreement with Ridley Terminals Inc., which is essential to the logistics supply chain necessary to export coal from Vista to the growing demand from the Asia Pacific countries.
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