Business
Thar Project Update
Thar Project Update.
About this update from Oracle Power Plc
[{"type":"text","content":"\n \n\n 07/07/2009 \n GB00B23JN426/GBP/PLUS-exn\n\n Oracle Coalfields PLC\n\n Thar Project Update\n\n Positive Initial Meetings with Power Plant Operators\n\nOracle Coalfields PLC (PLUS: ORCP) (\"Oracle\" or \"the Company\"), is pleased to update the market that during\na recent visit to Pakistan the Company met with two local power generating companies, each of which\nexpressed interest in Oracle's invitation to build 300MW mine-mouth power station fuelled by lignite coal\nproduced from the Company's planned 2.5 million tonnes per annum open mine on its Block VI licence in the\nThar coalfield, Sindh Province, south-east Pakistan.\n\nBoth companies are in power production, have access to funding and are capable of building and operating\nthe proposed power station.\n\nBlock VI contains a JORC-compliant measured resource of 1.4 billion tonnes, including a Proven Reserve of\n371m tonnes. The proven reserve occurs in a single main seam, some 20m-28m thick, which lies beneath about\n150m of overburden comprising mainly unconsolidated sands and sediments that will not require blasting.\n\nShahrukh Khan, Chairman, Oracle Coalfields PLC commented:\n\n\"We are very pleased with the positive response of these two power companies to our plans for the Thar\nproject. They already own power plants in Pakistan and view our plans as having a sound technical base.\nIn order to progress, however, they obviously require the comfort of a Bankable Feasibility Study (BFS)\nwith independent verification of the numbers. Work on the BFS is now in progress.\n\n\"During the visit to Pakistan, we also met with senior officials in the Government of Sindh Mines &\nMinerals Development Department. It was very apparent from these meetings that the Government's support for\nour Thar project continues to grow. It is giving active consideration to the building of a canal to provide\nwater to the project area, undertake the groundwork necessary to link the site to the country's railway\nsystem and to upgrade the existing grid to 500 KV. This is very encouraging from our perspective.\"\n\n July 7th 2009\n\nThe Directors of the issuer accept responsibility for this announcement.\n\nENQUIRIES:\n\nOracle Coalfields PLC\nShahrukh Khan, Chairman\nTelephone: +44 (0) 1366500722\nEmail: [email protected]\n\nSt Helen's Capital plc\nDuncan Vasey/Mark Anwyl\nTe...