Churchill Mining says drilling has increased estimated potential coal resources at Kutai in Indonesia 150 per cent to 250 million tonnes.

Based in Western Australia, the AIM-quoted company says Kutai, in Indonesia’s East Kalimantan region, holds a measured resource of 44 million tonnes of coal, as well as being reckoned to contain an indicated 73 million tonnes and an inferred 133 million tonnes. Managing director Paul Mazak says further drilling and exploration should move much of that estimated resource into higher categories and take Churchill closer to its target of 100 million tonnes of coal mining reserves.

Churchill lost £468,000 in the six months to December and has sold 80 per cent of its South Woodie Woodie manganese project in Western Australia to Down Under-listed Spitfire Resources. Star 2007 AIM performers, the shares soared from 9p to 72p between March and July last year, but have marked time since.

Now 71p, up 2.54p today, they value the company at £47 million and should advance further if coal’s popularity outweighs current distaste for exploration hopefuls.  

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Churchill Mining	AIM	£19.15m	28.50p	0.00p
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