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MENAFN - ProactiveInvestors - Australia - 11/10/2012

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(MENAFN - ProactiveInvestors - Australia) International Coal (ASX: ICX) chairman John Lester has increased his shareholding in the company with the purchase of 429,020 shares off market.

Lester acquired the shares for A42,902, providing an average entry price of A0.10.

He now holds 2,429,021 shares in the company.

ICX and Hancock Prospecting subsidiary Queensland Coal Investments are readying for drilling at the Bundaberg Project JV tenements this month.

The JV will commence drilling on site with 1 " 2 rigs operating in the short term.

The project has an Exploration Target of 280Mt " 370Mt. The principal target is cretaceous hard coking coals and several exploration targets.

The company is also acquiring a 20% interest in key thermal and coking coal projects in the premier Bowen Basin.

 






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