Coalspur Mines Limited (ASX:CPL) Vista Marketable Coal Reserves Increase by 20% to 313 Million Tonnes
Sydney, Dec 14, 2011 AEST (ABN Newswire) - Coalspur Mines Limited (
ASX:CPL) (TSE:CPT) is pleased to announce that the Marketable Coal Reserves of the Vista Coal Project ("Vista") has increased to 313 million tonnes ("Mt") as part of the ongoing Bankable Feasibility Study ("BFS"). This represents a 20% increase in the Marketable Coal Reserves over the 260Mt estimated in the Pre-Feasibility Study ("PFS"). The increased Marketable Coal Reserves are attributable to a larger pit limit, clean coal yield improvement and a refined mining and coal recovery plan. Following the completion of the updated reserve estimate the BFS is on schedule for completion at the end of December 2011 with publication in early 2012.
Commenting on the increased coal reserve estimate the Company's Managing Director and CEO, Mr Gene Wusaty, said "A 20% reserve increase over the PFS combined with a lower strip ratio in the BFS verifies the size and quality of Vista and its status as a world-class, tier-one coal asset.
The expanded production rate to 11.2Mtpa coupled with the increase in marketable reserves positions Vista to be a strategic source of high quality export thermal coal to the Asian Pacific economies for 30 years."
Finalized Mine Plan and Production Schedule
With the completion of the updated reserve estimates, the mine plan and production schedule components of the BFS are complete. The final mine plan includes a 20.1Mtpa run-of-mine operation producing 11.2Mtpa of saleable thermal coal for 30 years. The saleable coal will be comprised of two separate coal products: Val d'Or and McPherson seams combined (88% of Marketable Reserves) and McLeod seam (12% of Marketable Reserves). The calorific value of the combined Val d'Or and McPherson seams ranges between 5,700-5,800 kcal/kg gross as received ("gar") basis and the calorific value of the McLeod seam ranges between 5,350-5,450kcal/kg gar basis. The mine planning has resulted in an updated Marketable Coal Reserve of 313.4Mt defined from a 565.5Mt Recoverable Coal Reserve.
With the completion of the mine plan, Coalspur and the various engineering firms involved in the preparation of the BFS are in the final stages of the BFS which includes optimization and an economic analysis of Vista. The BFS is on schedule for completion at the end of December 2011 and publication in early 2012.
For the complete announcement including tables, please view:
http://media.abnnewswire.net/media/en/docs/ASX-CPL-571308.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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