Saturday, 19 Nov 2011
Guildford Coal has confirmed an initial JORC Resource of 63.1 million tonnes of coal with coking potential at its South Gobi project in Mongolia. The maiden resource comprises 38.2 million tonnes in the Indicated category and 24.9 million tonnes in the Inferred category.
A boost to the South Gobi project, which comprises five exploration licenses, is that it is located approximately 60 kilometers from the Chinese border station town of Ceke, where coal from Mongolia is currently transported through to China. The maiden resource underpins the potential start up of a 1 to 2 million tonnes per annum open cut mining operation.
Guildford Coal has lodged mining license applications for EL13780X and EL5262X and both are expected to be granted prior to the end of 2011.
The company is also in the process of completing Scoping Studies for the start up operation with the goal of beginning mining from the North Pit by the June quarter of 2012.
Drilling will continue on the other key tenements in the South Gobi Project to define a JORC Resource for the Central, West and East Pits.
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