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Mining Projects Group Continues To Attract Substantial Investment

Mining Projects Group (ASX: MPJ) has added two new substantial shareholders to its register while an existing substantial shareholder continues to increase its stake in the company.

Peregrine Corporate and Elinora Investments have taken up substantial shareholdings with a 5.31% and 6.06% stake respectively.

Meanwhile, existing substantial shareholder Darontack Pty Ltd has increased its stake to 6.91% and now holds about 16.4 million shares in Mining Projects Group.

Mining Projects Group recently completed the acquisition of Delcarmen Energy and closed its A$1.05 million fully underwritten non-renounceable rights issue that will go towards payments to the vendors.

Proceeds will also be used for ongoing activities at the two exploration permits in Queensland, where the company will soon start an initial drilling program to determine their potential for both thermal and coking coal.

EPC 2527 and EPC 2528 are believed to hold both thermal and coking coal potential within the Triassic-age Esk and Gayndah Formations.

These are the target of projects such as Stanwell Corporation's Kunioon deposit, which has a Measured open cut Resource of 435 million tonnes of thermal coal; Rio Tinto's (ASX: RIO) Yarraman deposit, just south of Tarong power Station, which has a Measured open cut Resource of 54 million tonnes of thermal coal; and Cockatoo Coal's (ASX: COK) Taabinga deposit, which has a Measured open cut Resource of 35 million tonnes of thermal coal.

The permits also give Mining Projects Group a footprint within a coal basin with coal discoveries, deposits and mines, with an existing power station and historical rail infrastructure - that may require reconstruction and upgrading - dissecting the area, which is 170 kilometres from Brisbane.

Drilling is expected to start once the permits are granted.

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