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Atrum Coal NL (ASX:ATU) Kuro Completes Strategic Acquisition at Panorama Project

iconJul 15, 2014 11:28
Source:SMM
Atrum Coal NL is pleased to announce that its wholly owned subsidiary, Kuro Coal Limited ("Kuro"), has agreed to acquire 100% of a substantial coal licence package.

Perth, July 15, 2014 (ABN Newswire) - Atrum Coal NL ("Atrum" or the "Company") (ASX:ATU) (OTCMKTS:ATRCF) is pleased to announce that its wholly owned subsidiary, Kuro Coal Limited ("Kuro"), which is to be separately listed on the ASX under the code "KCO" following an Initial Public Offering, has agreed to acquire 100% of a substantial coal licence package contiguous with its existing Panorama Anthracite Project ("Panorama") located in British Columbia, Canada.

Commenting on the acquisition, Executive Director Mr Russell Moran stated:

"Kuro has increased its exploration foot-print in the Panorama area. We are planning a maiden exploration program which can commence once regulatory approvals are received."

The acquisition includes ten coal licence applications ("Panstone Applications") covering a total of 13,787 hectares. It provides Kuro with a substantial consolidated footprint totalling 33,012 hectares in the Panorama Coalfield which is located to the West of Groundhog and expected to host high grade anthracite.
The Company will immediately commence the transition of the Panstone Applications to granted coal licences as part of the preparation for the 2014 exploration activities.

Atrum is finalising working arrangements with Kuro including marketing and logistics prior to the planned IPO.


 

Atrum Coal NL (ASX:ATU)

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