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Commencement of Drilling Programme

24th Mar 2011 07:00

RNS Number : 5225D
Strategic Natural Resources PLC
24 March 2011
 



24 March 2011

 

Strategic Natural Resources PLC

("SNR" or the "Company")

 

Commencement of Drilling Programme

 

The Board of Strategic Natural Resources plc (AIM: SNRP) is pleased to report that the Company will be commencing a new drilling and exploration programme for 2011/12, in April 2011. It will be allocating circa USD2.5 million with the aim of increasing and improving the resource categorisation across all of its various rights areas. Specifically the Company will, through the drilling and exploration programme, aim to achieve the following:

 

1. Increase the mineable resources available in the Company's Phase 1&2 areas.

2. Explore for coal in the Company's Phase 3 area, in order to verify an earlier report of possible coking coal deposits in that area.

3. Explore for coal in the Company's Phase 4 area.

4. Commence drilling and exploration of the large Phase 5 area, west of the Company's current operations, in preparation of a possible export feasibility study which the Company aims to commence over this area in 2012.

 

The Company expects to be able to provide an update on progress of the planned exploration programme later this year.

 

SNR's CEO, David Nel, commented: "We are confident that we have a great deal more coal resource available for exploration and, to aid our export strategy, I am pleased that we have allocated this initial budget to progress this drilling and exploration programme. We hope to update our shareholders with an increase in resource, improved resource categorisation and some special coal qualities. "

 

For further information, please contact:

 

Strategic Natural Resources plc

David Nel, Chief Executive Officer

Jeremy Metcalfe, Communications Director

 

+27 (0) 41 374 0842

+44 (0)7785 346 718

 

 

Nominated Adviser and Joint Broker - Allenby Capital Limited

Nick Naylor / Alex Price / James Reeve

 

+44 (0) 20 3328 5656

 

 

Evolution Securities

Rob Collins / Chris Sim

 

+44 207 071 4300

 

 

Joint Broker - SP Angel Corporate Finance Limited

Emin Eyi / Tercel Moore

 

+44 (0) 207 647 9646

 

 

Financial Dynamics

Billy Clegg / Oliver Winters

+44 (0)207 831 3113

+44 (0)77 0332 9024

 

For further information about Strategic Natural Resources plc please visit www.snrplc.co.uk.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLUORKRAVAOUAR

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