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Market:	ASX
Sector:	Alternative Energy
EPIC:	PAX
Latest Price:	0.01 (0.00%)
52-week High:	0.06
52-week Low:	0.01
Market Cap:	6.24M

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Panax Geothermal

Panax Geothermal (ASX: PAX) is a pure geothermal company with access to some of the world's most promising geothermal assets. As climate change projections worsen, Panax Geothermal is well positioned to commercialise sustainable sources of base-load energy, powered from the Earth.

The long term vision of Panax is to become a major participant in the geothermal industry, both nationally and internationally. The scope of its geothermal interests will be broad, including both conventional geothermal resources (volcanic related) as well as enhanced geothermal systems (EGS) such as hot fractured rock (HFR) geothermal systems.

Panax Geothermal reports 111,000 PJ Inferred Resource

Thursday, January 29, 2009 by Proactive Investors

Panax Geothermal (ASX:PAX) has announced that a further Inferred Independent Resource assessment has been completed with an Inferred Resource of 53,000 PJ for Rivoli / St Clair Troughs in a volume of rock of 215 cubic kilometers (km3) in GEL 173; and 17,000 PJ for the Rendelsham Trough in a volume of rock of 78 cubic kilometers (km3), covering parts of GEL’s 170, 173, 184, and 212.

Following last week’s announcement of an Inferred Resource of 41,000 PJ for the Penola Trough in GEL 223, Panax is pleased to report a total Inferred Resource of 111,000 PJ.

A resource assessment for the Tantanoola Trough is in progress.

Advanced nature of Panax resource

Panax is currently completing the required works to proceed with classifying part of the Inferred Resource for the Penola Trough, as an ‘Indicated Resource’ and/or as a ‘Measured Resource’. This work is currently being conducted by HDRPL and will become available for release later this quarter.

Panax’s understanding that no other Australian Hot Sedimentary Aquifer (“HSA”) projects are currently in a position to calculate ‘Indicated’ or ‘Measured’ geothermal resources, highlighting the advanced nature of the Penola Project within the national geothermal scene.

A renewable energy source of national import

The above resource results show that the Limestone Coast Geothermal Project has the potential to become a renewable energy project of national importance. This is especially so because of the envisaged rapid development schedules combined with the excellent location with respect to the national transmission grid.

Panax is scheduled to embark on demonstrating the potential by drilling its first production well, Salamander 1, in mid 2009. The completion of this well is expected to lead to the conversion of part of the geothermal resources to geothermal reserves.

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