Mozambi Coal updates market on Songo License

02 February 2013 | 11:34 Code : 21534 Geoscience events
visits:304
Africa-focused Mozambi Coal (ASX: MOZ) has exercised its right to withdraw from its....

Africa-focused Mozambi Coal (ASX: MOZ) has exercised its right to withdraw from its agreement to acquire Exploration License 2738L, known as the Songo project, and has advised its local partner accordingly.Based on the cumulative exploration results achieved on the License during 2011 and 2012, the Company considers it unlikely that its objective of discovering near surface coal (<500m) will be met.The program included ground geophysics in the northeast corner of the License, coupled with scout drilling, airborne geophysical surveys and satellite imagery completed in the southeast corner.Mozambi Coal, managing director, Shiv Madan said, “We’re looking forward to our 2013 exploration program on our Muturara project. We’re also confident regarding additional coal acquisitions given the progress of our discussions on several assets in Mozambique and elsewhere."The limited prospectivity for coal at Songo is disappointing, but we are satisfied with the technical program that we completed to evaluate the asset. We remain focused on our objective of securing and exploring assets that exhibit high potential for open cut coking coal.”

tags: ISFAHAN


Your Comment :