24/08/2010
GB00B23JN426/GBP/PLUS-exn
Oracle Coalfields Plc
("Oracle" or the "Company")
AGM STATEMENT
At today's Annual General Meeting of Oracle Coalfields PLC (PLUS: ORCP), the UK developer of a 1.4 billion
tonne coal deposit in southern Pakistan, the Chairman, Shahrukh Khan will make the following comments:
"This is a tragic time for Pakistan and its people and I am aware of the concerns of shareholders regarding
the flooding and the affect it may have on Oracle's coal project in Block VI, Thar Coalfield, Sindh
Province.
"The project has not been so far affected by these devastating floods as the project site is more than 250
km east of the Indus River in the Sindh Province. Access to site is good and we do not expect the floods
to hinder our work programme, which is already underway. Further details on the floods, including flood
maps can be extracted from our company website (www.oraclecoalfields.com).
"We successfully raised just over £1.1 million via a placing in June 2010 which provides the additional
working capital for the business to complete the Bankable Feasibility Study (BFS) on its flagship project
in Block VI of the Thar coalfield. Local contractors have been appointed for the hydrogeology,
geotechnical and sub-crop drilling and shall work under the supervision of international consultants of
repute.
"Block VI is host to a JORC resource of 1.4 billion tonnes of lignite coal including 371 million tonnes in
the proven reserve category.
"We have entered into Memorandum of Understandings (MOU) with both the Karachi Electricity Supply Company
and Lucky Cement Limited. The MOU with Lucky Cement is aimed at giving Oracle early cashflow by supplying
Lucky Cement with indigenous coal. Given the sad events occurring currently it would appear that there will
be a greatly increased need for cement for the foreseeable future.
"Oracle is targeting to achieve its aim of developing an open pit mine in 2011."
The Directors of Oracle are responsible for the contents of this announcement.
ENQUIRIES:
Oracle Coalfields PLC
Shahrukh Khan, Chairman
Telephone: +44 (0)1366500722
Email: s.khan@oraclecoalfields.com
St Helens Capital Partners LLP
Duncan Vasey or Mark Anwyl
Telephone: +44 (0)20 7368 6959
Blythe Weigh Communications
Tim Blythe or Matthew Neal
Telephone: +44 (0)20 7138 3204
WEBSITE: www.oraclecoalfields.com
Oracle Coalfields plc
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