Snake Creek Joint Venture- EPC 2080 Granted
Sydney, Feb 14, 2013 AEST (ABN Newswire) - Cuesta Coal Limited (
ASX:CQC) is pleased to announce the granting of EPC 2080 which is part of the Snake Creek Joint Venture ("Snake Creek JV") with QCI (Galilee) Pty Limited a wholly owned subsidiary of Hancock Prospecting. Adjoining EPCA 2079 remains an application (Figure 1).
Under the terms of the agreement, QCI is able to earn up to a 51% interest in the two tenements (EPC 2080 and EPCA 2079) through the expenditure of $3 million on exploration at the tenements in two stages. QCI can earn 25% interest through the staged development and expenditure of $1.5 million and a further 26% through the expenditure of a further $1.5 million.
Cuesta and QCI (Galilee) Pty Limited look forward to working collaboratively on the Joint Venture.
Contact
Cuesta Coal Limited
T: +61-2-9284-5900
F: +61-2-9284-5999
E: info@cuestacoal.com.au
WWW: www.cuestacoal.com.au
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