January 2, 2011

Bylong exploration lease transaction complete

Article in Mudgee Guardian - 31 Dec 2010

Bylong exploration lease transaction complete

Cockatoo Coal Limited announced on Christmas Eve the transfer of the Bylong Exploration Lease to their investment partners had been completed.

The transaction sees KEPCO (Korea Electric Power Corporation) acquire 100 per cent of Anglo Coal’s Bylong project with a three year call option for 30 per cent interest to Cockatoo.

In a statement from Cockatoo Coal, the Bylong Exploration Lease has been acquired to undertake exploration activities with an objective of building up sufficient information for the company and its partners to make an informed decision about the viability of the project.

Cockatoo’s Project Manager for the Bylong Project, Stuart Hides, said that Cockatoo is committed to dealing with the Bylong community in an open and transparent manner.

“Over the next few months we welcome detailed dialogue about the project, sharing information on the potential benefits for the region in terms of employment, development and investment, and addressing concerns which may be raised by the community,” he said.

“I can say from the outset that Cockatoo is committed to the highest levels of practical environmental management and protection in all aspects of its operations and this will be a fundamental consideration throughout all project stages.

“The Bylong Project is at a very preliminary stage and there remains several years of planning, exploration work and environmental monitoring to be undertaken.”

Cockatoo’s newly acquired Bylong Exploration Lease has been reported to have thermal coal recources up to 423 million tonnes.

Further details of the call option were released by Cockatoo Coal on the Australian Stick Exchange on July 7, 2010.

No comments: