News and Announcements
Plans to Bring Paser Project into Production in IQ 2013
- Published September 08, 2012 4:59PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Padang Resources Ltd (‘PXR’ or ‘Company’) is proceeding with the acquisition of a 70% interest in the Paser Project, a coal project located in the East Kalimantan province, Indonesia, after completing technical due diligence. The Company has obtained the necessary approvals (including local government approval and shareholder approval) and are now planning to bring the Paser Project into production in 1Q 2013.
The first step for PXR in the path to production is the acceleration of its drilling program, which will be designed to target a number of near-surface coal targets delineated from previous surface mapping, resistivity surveys and drilling. The proposed drilling program will be designed to confirm coal quality and the depth, thickness and spread of coal seams below surface.
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