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International Coal And Hancock Prospecting Edge Closer To Drilling At Bundaberg Project

Jul. 14, 2013 9:46 PM ET
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International Coal (ASX: ICX) is moving towards its next drilling program at the Bundaberg Coking Coal Project (EPC 2196), where Gina Rhinehart's Hancock Prospecting is a joint venture partner.

Drilling remains on-track to commence at Bundaberg this quarter.

International Coal has signed a Cultural Heritage and Management Agreement with the Port Curtis Coral Coast Registered Native Title Claimants, which and paves the way for cultural heritage clearance work ahead of the next phase of drilling planned.

The Bundaberg project currently hosts a 28.5 million tonne JORC Inferred Resource, the hard coking coal characteristics compare favourably to those found in the Bowen Basin.

Samples from the lower Burrum Coal Measures exhibit crucible swell numbers (CSN) between 8-9 (CF1.50), maximum Gieseler Fluidity (2500 ddpm), average ash of 9.5%, average calorific value of 7,450 Kcal/kg and yields of 50%-65%.

Earlier, one core hole BUN006C from the previous program exhibited hard coking coal properties with a Crucible Swelling Number (CSN) of nine and less than 11.5% ash.

Bundaberg background

A total of six boreholes on three sites, including three core holes (BUN006C, BUN010C and BUN011C) were drilled on EPC 2196 near Bundaberg in late 2012.

A JORC Inferred Resource of 28.5 million tonnes was identified, with the Exploration Target for the area upgraded to the range of 20 to 40 million tonnes (in addition to the JORC Inferred Resource).

Hancock is spending $3 million to earn in to a 51% interest in the project.

There is known to be significant interest shown from Asian groups in International Coal's suite of coal assets, we understand the interest has hotted up of late.

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