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Palace Resources acquires coal prospect in East Kalimantan  Join our daily free Newsletter

MENAFN - ProactiveInvestors - Australia - 22/01/2013

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(MENAFN - ProactiveInvestors - Australia) Palace Resources (ASX:PXR) has entered a deal to acquire the rights to explore, mine and market coal from a 100 hectare prospect area in East Kalimantan, Indonesia.

The Petangis Project comprises of a 100 hectare general survey licence ("IUP") with developed roads and good access to export infrastructure.

Comprehensive due diligence process including a drill program is due to commence shortly.

Initial coal samples taken from outcrops within the prospect area have returned assay results including calorific values from 6876 " 7149 Kcal/kg (adb), 1.07 " 1.54% Sulphur and 11.26 " 16.02% ash content.

With exploration infrastructure in place and within close proximity to the current Paser project, Palace will mobilise a technical team and assess the projects potential.

 






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