Proactiveinvestors Australia

Xceed Resources www.xceedresources.com.au/
Full Xceed Resources profile here

Xceed Resources (ASX: XCD) is an Australia-based company engaged in the exploration and development of coal projects in Southern Africa.

The company is developing the Moabsvelden thermal coal project in the Witbank coal field. Moabsvelden is expected to have a mine life in excess of 15 years and will produce export quality as well as domestic quality thermal coal.

Tweet

 

Email

Email to a friend:

To:

Separate multiple addresses with commas.

From Email address:

Name: Please send me a copy Message:

Verification code

Enter the code from aboveRequired

Send

Xceed Resources on track to apply for mining right for Moabsvelden coal project

Xceed Resources (ASX: XCD) is making solid progress at its 74%-owned Moabsvelden coal project in South Africa since the company's listing on the ASX in April 2011, with a drilling program continuing and additional rigs mobilised to site.

The company aims to elevate the Moabsvelden resource classification in order to enable mine planning to be undertaken. Drilling commenced on time and the completion of the program will occur shortly after a delay was experienced.

Ian Culbert, Xceed’s managing director, said “notwithstanding this delay, the company remains on track to lodge an application for a New Order Mining Right for Moabsvelden in accordance with its previous announcements and to this end has made significant appointments to undertake this important task."

In addition, an aeromagnetic survey has been completed and geotechnical testwork is underway.

Belton Projects & Exploration have been engaged to prepare the Mining Work Programme and application for a Mining Right and a general manager has been appointed to oversee South African operations.

Definitive agreements on the Roodepoort and Bankfontein acquisitions are progressing.

The company has also established a new office in Middelburg, South Africa.

Currently, a JORC Resource of 55.38 million tonnes (Indicated 54,533,363 tonnes, Inferred 847,276 tonnes) exists on the Moabsvelden project with an average drill hole spacing of between 500 and 600 metres.

The present drilling program will reduce this average spacing to less than 350 metres, enabling the resource to be reclassified to predominately Measured.

Sign up to Proactive Investors

Comments from Proactive Investors readers

• Fill in your details below:

Verification Code

Reload image