Business
Proposed Joint Venture
Proposed Joint Venture.
About this update from Ecora Royalties Plc
[{"type":"text","content":"\n Anglo Pacific Group PLC\n11 January 2006\n\nJanuary 11, 2006\n\n Anglo Pacific Group PLC\n\nAnglo Pacific Announces Proposed Joint Venture\n\nAnglo Pacific Group ('Anglo Pacific') is pleased to announce that it has entered\ninto a Memorandum of Understanding (MOU) with West Hawk Development Corp. ('West\nHawk'), (WHD-TSX.V)\n\nThe intent of the MOU is to form a working relationship between the two\ncompanies focusing on the joint exploration and development of Anglo Pacific's\nand West Hawk's Upper and Lower Discovery coal seams located at the Groundhog\ncoal field in British Columbia, Canada.\n\nThe two properties are contiguous and are underlain by dominantly shale and\nsandstone beds of the Upper Jurassic Currier Formation which contain the Upper\nand Lower Discovery coal seams. The coal seams outcrop on both properties and\nare believed to be stratigraphically and structurally related according to the\nresults of previous drilling. In total, twenty five individual seams have been\ndocumented in the area grading from anthracite to meta-anthracite in quality.\n\nThe seams on West Hawk's Lower Discovery and Evans Creek properties alone\ncomprise an inferred resource of 48,000,000 tonnes, having been outlined in a\nrecently completed National Instrument 43-101 report produced by Don Wedman\nP.Eng.. Additional resources are expected to be outlined by exploration work on\nboth Anglo Pacific's Upper Discovery and West Hawk's Lower Discovery Creek\nproperties.\n\nDr. Mark Hart the COO of West Hawk explained 'the concept of the joint venture\nplan is to gain economies of scale by increasing the size of the project and\ntherefore reducing exploration, development and mining costs'. Dr. Hart has\njust recently joined West Hawk and is considered an expert in Coal Mining having\ngraduated with a PhD from the Colorado School of Mines and worked as a senior\nexecutive for several senior mining and energy companies.\n\nIt is proposed that both Anglo Pacific and West Hawk will each be initially\ncontributing C$600,000 to the joint operating company and implementing a\nC$1,200,000 exploration program to begin this spring designed to advance the\ncurrent inferred resources at the Upper and Lower Discovery properties to the\nmeasured and indicated category.\n\nAs part of the working relationship Anglo Pacific has agreed to subscribe\nC$600,0...