Waratah Coal Inc (TSX VENTURE: WCI) (Waratah) is pleased to
announce a coal exploration target of 205 - 415 Billion tonnes in
its Galilee Basin tenements and tenement applications.
The exploration target has been declared following a broader
tenement study using current and historical data. This data
includes exploration drilling from the known resources previously
declared by Waratah and others. Additionally it draws on petroleum
well logs and reports, petroleum seismic studies and Geology Survey
of Queensland drilling.
The Galilee Basin was subject to a significant level of
exploration for petroleum, gas and oil shale during the period from
1960 to 1980 and all of this data has become available under the
Queensland open file exploration reports data network. A broad
basin geological model has been developed by Waratah and its
independent consultants in order to give the Company and its
investors a full appreciation of its potential and aid the
direction of future exploration.
SRK Consulting were commissioned to provide independent review
to this process and the coal exploration target referred to herein
has been validated by SRK Consulting. The SRK statement of this
technical review can be viewed at www.waratahcoal.com.
Waratah Coal has previously identified JORC and CIM compliant
Inferred Resources of 3.380 Billion tonnes at its South Alpha
(east) tenements and 0.975 Billion tonnes in its North Alpha (east)
tenements. Exploration and Mineral development Licences owned by a
third party are located along strike and split the South Alpha and
North Alpha projects (see map).
Waratah's tenements and applications cover some 15,000km2 with a
strike extent of approx 220km and down dip extent of approx
80km.
The SRK study has shown that the coal measure sequences
identified in the Eastern Inferred Resources are interpreted to be
laterally continuous in Waratah's western granted tenements and
tenement applications with dips in the order of 0.5 to 1.5 %.
Individual seams are identifiable and a number of the thicker seams
(e.g. A-B, C-D) can be broadly correlated with those in the Eastern
Inferred Resources. Additional coal plies are also observed at the
top and base of the coal bearing sequences. Cumulative coal
thicknesses are observed and conservatively reported in the range
of 10.2 metres to 32.1 metres.
Depth of cover ranges from 25 metres at the Eastern Inferred
Resources to approx 800 metres depth on the western boundary of the
tenements.
Exploration Target Range
----------------------------------------------------------------------------
Tenure under Total Tenure (i)
Application Tenure Granted (i) (Rounded to 5Bt)
----------------------------------------------------------
AREA (hectares) 1,165,000 264,400 1,429,400
Relative Density
(gm/cc) 1.45 1.45
CUM THICK LOW (m) 10 10
CUM TARGET LOW
(tonnes) 169,000,000,000 38,000,000,000 205,000,000,000
CUM THICK HIGH (m) 20 20
CUM TARGET HIGH
(tonnes) 338,000,000,000 77,000,000,000 415,000,000,000
----------------------------------------------------------------------------
(i) areas of existing known Inferred Resources not included
Cautionary Statements
Coal quantity within the exploration target areas is conceptual
only as there has been insufficient exploration to define any coal
resources. It is uncertain whether future exploration in any of
these exploration target areas will result in quantification of
coal resources.
Waratah does not make any representations whatsoever in respect
of any coal quality aspects of the exploration target. Any
extrapolation by third parties of coal quality results in the
Eastern Inferred Resources into the Exploration Target area is
purely speculative.
Waratah has currently six (6) granted EPC tenures in the Galilee
Basin with the granting of another two (2) EPC's imminent. A
further ten (10) EPC's are under application. Waratah Coal is the
sole applicant for these tenures. Waratah has fulfilled all the
financial and statutory obligations and assurances required by the
Department of Mines and Energy upon application. Whilst Waratah
expects these applications to be granted in the normal course of
business in the near future, Waratah advises that grants are not
guaranteed.
Figure 1: Galilee Project - Cumulative Coal Thickness Estimate
A-D Seam
(to view Figure 1, please view this announcement on Waratah's
website www.waratahcoal.com)
Figure 2: Galilee Project - B Seam Cover Regional Estimate
(to view Figure 2, please view this announcement on Waratah's
website www.waratahcoal.com)
Exploration Potential
Future exploration of the middle and western tenements and
applications will focus on identifying deeper resources for In-situ
Coal Seam Gasification.
Waratah Coal had previously commissioned URS Australia Pty Ltd
to complete a desktop study into Galilee Basin coal seam
gasification and coal to liquids production. The results of this
study have been extremely encouraging. Estimates of up to 80%
conversion to oil, gas and higher temperature distillates are
suggested with overall yield of greater than one barrel of liquids
per tonne coal on a dry ash free basis, in the transport fuel
range. The Executive Summary of the URS report can be viewed at
www.waratahcoal.com.
Coal targets in the range of 150 to 400 metres depth will also
be explored for underground mining potential. The shallow seam dip,
continuity and apparent lack of significant structural disturbance
will be tested for possible large scale high production longwall
potential.
The Qualified Person for this exploration target is Mr. Andre
Wulfse BSc(Hons), GDE, Pr.Sci.Nat., MSAIMM and Principal Consultant
(Resource Evaluation) with SRK Consulting, who conducted a peer
review of this target determination on Waratah Coal's Galilee Basin
Tenements in October, 2008. The resource estimates were compiled
using data supplied by Mr David Campbell, Fellow of the AusIMM and
Vice President Waratah Coal and modelling by Mr Andrew McLaughlin,
Member of the AusIMM, and Senior Coal Geologist Waratah Coal.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended ("the U.S.
Securities Act") or any state securities law and may not be offered
or sold in the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.
Cautionary language:
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Waratah Coal's internal
projections, expectations or beliefs concerning, among other
things, future operating results and various components thereof or
the economic performance of Waratah Coal. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause Waratah Coal's actual performance and financial
results in future periods to differ materially from any projections
of future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, those described in Waratah Coal's filings with
the Canadian securities authorities. Accordingly, holders of
Waratah Coal shares and potential investors are cautioned that
events or circumstances could cause results to differ materially
from those predicted. Waratah Coal disclaims any responsibility to
update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Waratah Coal Inc. Peter Lynch President and CEO +61 7
3303 0692 Email: plynch@waratahcoal.com Waratah Coal Inc. Liam
Behnke Investor Relations +61 7 3303 0676 Email:
lbehnke@waratahcoal.com Website: www.waratahcoal.com
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