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Market:	ASX
Sector:	General Mining
EPIC:	BLR
Latest Price:	0.03 (3.57% )
52-week High:	0.08
52-week Low:	0.02
Market Cap:	23.11M

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Black Range Minerals

Black Range Minerals (ASX: BLR) is an Australian Stock Exchange-listed company focused on growth through acquisition, exploration and development of resources projects.

Black Range Minerals buys Jonesville Coal Project in Alaska

Tuesday, January 06, 2009 by Proactive Investors

Black Range Minerals (ASX:BLR) has announced the acquisition of a 100% interest in the advanced Jonesville Coal Project in Alaska, USA. The project hosts JORC measured, indicated and inferred resources of 130Mt of high quality (low sulphur) thermal coal. A revised resource/reserve statement will be issued by the company.

The company has also an option to reprocess up to 500,000 tonnes of clean coal tailings from the Even Jones Coal Mine. If considered viable, this could generate cash flow in the short term.

Purchase consideration for the project is: the issue of 15 million fully paid Black Range Mineral shares, the payment of $US2 million and a two per cent gross value royalty on all project production to the vendors.

Historic production from Jonesville Coal Project is around 5.5Mt of high quality thermal coal between 1920 and 1968 from open pit and underground mining. Existing infrastructure is in place 100 kilometres northeast of Anchorage and readily accessible by road, with sealed highway within 2 kilometres of project. The project is 20 kilometres from existing railroad, with two ports nearby, both are fully equipped with coal loading facilities. The project is close shipping distance to major markets in China, Taiwan, South Korea and Japan.

The company has secured the Jonesville coal assets as it believes the acquistion is a "low risk, low cost" acquisition, with with near term development and cash flow potential.

Cash on hand for the company is approximately $10 million.

Black Range Minerals was trading at 5.5 cents.

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