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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (32235)	2/4/2009 9:25:20 PM
From: LoneClone	Read Replies (1) \| Respond to of 195975

Churchill says three investors interested in Indonesian coal project miningweekly.com By: Esmarie Swanepoel Published on 4th February 2009 JOHANNESBURG (miningweekly.com) – Indonesia-focused Churchill Mining has stated that three companies were currently conducting due diligence processes at its East Kutai coal project (EKCP), with the vision of either investing or becoming joint venture partners in the project. The Aim-listed company stated that while the three companies were considering all aspects of the project’s coal production potential, the great appeal of the EKCP was the possibility of large yearly production, over the long term. “While the due diligence exercises are progressing well, Churchill wishes to advise that no final deal has been completed at this point, and there can be no guarantee that a deal with any of these companies will be reached,” it stated on Wednesday. The company also noted that adverse weather conditions and heavy rainfall in the Kalimantan area of Indonesia, had delayed the reserve drilling and laser surveying of the EKCP project. The reserve drilling target has been expanded to include smaller tonnages of higher calorific areas in the north-east of the project’s main area, and the company expected to complete reserve drilling within the next six weeks. “Not only does the company expect the overall size of the Joint Ore Reserves Committee resource, currently sitting at 1,4-billion tons of thermal coal, to increase substantially, but also that reported reserves will be substantially ahead of the original 100-million tons management expectations.” The company further noted that it would continue to examine the engineering design, costing and work on the fast track and full production scenarios for the project. However, in light of the current coal prices, the company was also considering other developments alternatives based upon the low stripping ratios of the project.