04/10/2007
Coal hopeful Caledon Resources says latest drilling has increased resources at Queensland's Cook mine to 176 million tonnes.
According to AIM-quoted Caledon, a study by independent consultant SRK has confirmed the new resource figure in the 'measured' and 'indicated' categories. The same study has also lifted the firmer reserve figure at Cook 38 per cent to 23.6 million tonnes.
As a result, Caledon Coal managing director Mark Trevan says the company now has an estimated potential resource of 416 million tonnes of coal at its Minyango and Cook properties. That is more than three times the resources claimed when the company, a former China gold play, was readmitted to AIM last December.
At 37p, up 3p this morning and valuing the company at £57 million, Caledon shares have risen from 15p two years ago, but have fallen from May's 50p peak. They should make further progress.
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