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Keaton pushes ahead with Sterkfontein extension

I-Net Bridge | Wed, 22 Jul 2009 15:32
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[miningmx.com] -- Emerging South African coal company Keaton Energy Holdings on Wednesday said it expects to begin exploration drilling by mid-August 2009 on the recently acquired extension to its Sterkfontein project in the Highveld Coalfield of Mpumalanga province.

This follows receipt of Ministerial Consent for the acquisition in terms of Section 11 of the Mineral and Petroleum Resources Development Act.

"Planning of the 9 million rand, 93-hole drilling programme, scheduled for completion by early 2010, has been informed by data from 25 holes drilled on the extension area by the previous prospecting right holder, which formed part of the acquisition," said Keaton Energy MD Paul Miller.

"This data, which have been included in the Sterkfontein Project's geological model, give us a six-month head-start on exploration of the extension area," he added.

Keaton Energy has already drilled 132 boreholes – a total of 25,000 metres – on the original 4,009 hectare Sterkfontein property, from which it has declared a total coal resource of 34.8 million tonnes, 17.5 million tonnes in the indicated category in the North 1 and 2 Blocks and 17.3 million tonnes in the measured category in the South Block.

Results indicated that 50% is export coal and 33% domestic steam coal.

Keaton Energy acquired the extension by taking a 74% interest in Labohlano Trading 46, holder of the Sterkfontein Extension prospecting right, from Money Box Investments 156, for an undisclosed amount.

Money Box is owned by a broad-based consortium that includes black professionals, the investment arm of the South African Women in Mining Association and local community members.



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