Saturday, 20 Aug 2011
TVN Corporation shares have soared on the back of the full coal drilling results from the Nuurst Thermal Coal Project in Mongolia.
The coal seam development has now been extended to over 1.6 kilometres, with a third significant 102.6 meter coal sequence intercepted. The cumulative down hole coal seam thickness is 81.4 metres thick.
These results follow hot on the heels from the 192 metres thick coal sequence announced at the end of last month, which has multiple seams including a single seam of a substantial 115.5 metres thick.
To continue to progress the project, TVN Corporation has also placed 90 million shares at AUD 0.04 to raise AUD 3.6 million, to accelerate exploration targeting a JORC Resource.
The company will also use the funds to review the acquisition of further coking and thermal coal opportunities in Mongolia.
(sourced proactiveinvestors)
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