Confirms Clean and Clear Status for TCM Project
Sydney, May 14, 2012 AEST (ABN Newswire) - Pan Asia Corporation Limited (
ASX:PZC) is pleased to confirm it has received confirmation of "Clean and Clear" status for its TCM Project from the Ministry of Energy and Mineral Resources (MoEMR) in Indonesia, by way of official release dated 9th May 2012. This release lists MoEMR mining concessions regarded as "Clean and Clear" by law number 4, year 2009 and PP (government regulation) No. 23 year 2010.
The designation of "Clean and Clear" provides comfort to mining companies that the validity of their relevant mining concession, and in this case Pan Asia's flagship TCM Project, has been scrutinised by MoEMR who have determined that the concession does not overlap with other concessions. MoEMR has stated that it continues to periodically review concessions and where concessions meet the requirements of no overlapping, they are included on updated "Clean and Clear" lists. This is the third updated list of "Clean and Clear" concessions list since the Mining Law of 2009.
CEO Alan Hopkins said "This is timely confirmation of clean title for our project which has a Feasibility Study coming out imminently".
Contact
Pan Asia Corporation Limited
T: +61-8-9381-5819
F: +61-8-9388-3701
WWW: www.panasiacorp.com.au
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