Firestone Energy increases Waterberg resource

[] — Firestone Energy, the Australian resources company that plans to develop coal projects in South Africa, on Thursday announced a significant upgrade of the shallow coal resources within the Waterberg Coal Region.

The company said independent geological consulting company Venmyn Rand has increased the total Coal Zone Resource to 5.173 billion tonnes, an increase of 36% – and Coal Gross Tonnes In-situ (GTIS) of 1.881 billion tonnes, which is 41% higher than the October 2009 coal resource summary.

The main Smitspan farm has now a Measured Resource of 238.67 million tonnes
Coal GTIS, a 145% increase on the October figures, where the 21 year mine life open cast was located and highlighted within the definitive feasibility study released at the end of June this year which included total coal sales of 120.8 million tonnes.

The total measured and indicated resource at Smitspan has increased 39% to 714.51 million tonnes.

“The bankable feasibility study currently nearing completion by Parsons
Brinckerhoff has determined that the planned mining area, situated within the
measured resources on the Smitspan farm, can be mined economically,” the company said.