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() has received an exploration tax credit of C$548522.63 (A$560768.27) from the Canadian Government in relation to exploration expenditure on the Crown Mountain coking coal project in British Columbia.
A further C$31018 under the British Columbia Mining Exploration Tax Credit is being processed.
Funds received will be used to continue advancing the Crown Mountain Environmental Assessment and for general corporate purposes.
The Crown Mountain Coal Project is located in the Elk Valley Coalfield of Canada which offers compelling global opportunities for development of a coking coal project.
Preliminary PFS results were positive with key mining parameters determined to-date are consistent with the 2013 Preliminary Economic Assessment (PEA).
- Projected plant yields fall within the 40% to 60% range estimated in the PEA: approximately 59% in the North Block 55% in the East Block and 48% in the South Block for a propertywide average of 52%.
- Clean strip ratio ranges from 7.05 to 9.79:1 during the first 5 years averaging 10.23:1 over the mine life.
- Average production level will be within the upper half of the PEA’s estimated 1.3 – 1.9 million clean tonnes per annum.
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