International Coal (ASX: ICX) will soon update the market on the results of its recently finalised coal drilling program at the Bundaberg Project in Queensland's Maryborough Basin and has placed its shares into an ASX trading halt.
Results to date from the QCI (Hancock Prospecting) operated drilling program have been very encouraging with around 6 metres of coal being discovered at 220 metres (which is thought to be coking coal).
Hancock has the right to acquire up to 51% in the project, leaving ICX with 49%.
The joint venture is targeting between 280 and 370 million tonnes of coking coal.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 6th February 2013.
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