10th Sep 2008 07:00
STRATEGIC NATURAL RESOURCES plc
10 September 2008
PROJECT INDLOVU FORMED FOR NEW MARKET OPPORTUNITIES
AIM-quoted Strategic Natural Resources plc ("SNR") is pleased to announce that its 74% owned subsidiary, Elitheni Coal (Pty) Ltd ("Elitheni" or "the Company") has launched a new project in South Africa to meet predicted expansion in the market demand for coal.
Elitheni submitted to the Department of Minerals and Energy on Friday, 5 September 2008, a new order prospecting rights application for 119,000 ha of private farm and state land within the Eastern Cape coalfields. The area is approximately 60km west of Elitheni's current 60,000 ha prospecting area situated in Gubahoek/Macubeni in the districts of Indwe and Lady Frere, Eastern Cape which is in process, as per its phase 1,2,3 and 4 prospecting rights and applications.
The new project has been dubbed 'Project Indlovu' which is the local Xhosa word for 'Elephant'. The Company has taken the decision to more than treble the potential prospecting area under its control in response to recent discussions and negotiations with IPSA for the offtake of its coal as well as in response to pipeline deals the Company is working on and hopes to report on in the New Year.
SNR Chief Operations Officer David Nel said: "We have named this major project after the prized symbol of the Eastern Cape in South Africa, the mighty elephant, as this represents a strong step forward for SNR and Elitheni and quite coincidentally, the collective area is shaped in the head of elephant. Since SNR's listing on AIM last year we have focused on Exploration and with our Exploration teams' operations progressing well, and the commencement of our Mining in August this year, we have shifted the Company focus to expanding our markets and being able to meet the potential on the horizon that we hope to soon report to our shareholders and investors."
For further information contact:
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Jeremy P Metcalfe, Chief Executive, Strategic Natural Resources plc: |
+44 1303 874 798 |
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David J Nel, Chief Operations Officer, Strategic Natural Resources plc: |
+27 (0)41 374 0842 |
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Allan Piper, First City Financial Public Relations: |
+44 20 7242 2666 |
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Rod Venables /James Reeve, HB Corporate: |
+44 20 7510 8600 |
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