The halt will remain in place until the earlier of Ascot making the abovementioned announcement or market open on Friday, 24 January 2014.
Ascot's Titiribi coal project in Colombia is located close to existing infrastructure, being just 2 kilometres to major highways which provides a means to export product from Turbo or Port Buenaventura (350km and 450km from the project respectively).
It has a total Measured, Indicated and Inferred Resource of 8.1 million tonnes.
Based on the Measured and Indicated components, the Pre-Feasibility Study highlights the potential for a starter mine with minimum 5 year Life-of-Mine (LOM) based on production rate of up to 400,000tpa.
This outlined some impressive metrics including an initial start-up capital of just US$7.8 million, with a low average cash operating cost of US$44/t at mine gate (US$84/t FOB port).
The outcomes were based on a blended metallurgical coking coal product with low ash, ultra-low phosphorus, medium volatiles and Free Swell Indexes (FSIs) averaging 6.7.
The company is also acquiring three additional concessions north and south of the Titiribi Coal Project in Colombia that could increase coal resources.
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