| Fri 29 Jan 2010, 11:34 | | FSE - Firestone Energy Limited - Quarterly Activities Report For The Period To |
|
FSE
FSE
FSE - Firestone Energy Limited - Quarterly Activities Report For The Period To
31 December 2009
FIRESTONE ENERGY LIMITED
(formerly Centralian Minerals Limited)
(Registration number: ABN 058 436 794)
(SA company registration number: 200/023973/10
Share code on the JSE: FSE
Share code on the ASX: FSE
ISIN: AU000000FSE6
("FSE" or "the Company")
QUARTERLY ACTIVITIES REPORT FOR THE PERIOD TO 31 DECEMBER 2009
The Board of Firestone Energy Limited (ASX: FSE) are pleased to provide
shareholders with its Quarterly Activities Report for the 3 month period ended
31 December 2009.
HIGHLIGHTS
OPERATIONAL
The Pre-Feasibility Study Report was received in late December 2009. The review
of this report will be finalized in early February 2010, with the aim of
prioritizing activities required for the Bankable Feasibility Study. The study
has identified the first phase mining project area, which is being estimated to
produce just over 100mt over 20 years at low stripping ratios. Further details
of this project will be announced during February 2010.
Participated fully in the Eskom RFP process (Pre-qualification process for
potential future coal supply agreements).
EXPLORATION
Updated resource statement includes 97mt of measured, 500mt of indicated and
734mt of inferred resources on the Smitspan property which encompasses the
entire Phase 1 project area referred to above.
The next phase of drilling includes large diameter (123mm and 165mm) holes for
geotechnical, hydro-geological and coal processing testwork. Upon completion the
additional information will allow for the objectives of the BFS to be met with
regard to increased confidence levels and reduced tolerances on Capex/Opex
estimations etc.
Finalisation of the social and labour plan studies as part of finalising the
environmental management plan documentation. Firestone Energy aims to lodge a
mining right application with the Department of Mineral Resources during the
first quarter of 2010.
CORPORATE
The purchase of the Smitspan farm was concluded during the period
Mr John Wallington appointed as Managing Director
Mr Rance Dorrington appointed as Company Secretary
OVERVIEW
Pre-Feasibility Study
During the quarter, the Preliminary Feasibility Study ("PFS") report on the
Waterberg Coal JV Project report was completed, the results of which will be
announced in the forthcoming first quarter of 2010. FSE will continue with
specific Phase IV drilling activities to improve the confidence and technical
understanding of the Waterberg Coal JV resource estimate. The Bankable
Feasibility Study ("BFS") activities are being prioritized with the objective of
meeting the required confidence levels.
Continued progress has been made with the potential development of the "mini
pit", the development of which is subject to appropriate off-take agreements
being concluded.
Environmental and Socio-Economic Impact Assessment
During the quarter, Firestone Energy continued with the finalisation of its
drafts of Environmental Management Plan and Social and Labour Plan Impact
Assessment ("SEIA") documentation in accordance with Department of Mineral
Resources regulations. During the first quarter of 2010, stakeholder meetings to
discuss and receive questions on the SEIA will be held at the Lephalale Local
Municipality and Waterberg District Municipality.
Mining Right Application
Firestone Energy is now in the process of finalising the Environmental and
Social Management Plan and the associated Social and Labour Plan.
Firestone Energy aims to lodge an application for a Mining Right for the
Waterberg Project during the first quarter of 2010.
Business Development
During the quarter FSE engaged in extensive market study and business
development activities with the objective of identifying and communicating with
potential customers of the products anticipated from the afore mentioned
project.
The company is participating in working committees with potential key strategic
alliance partners, including emerging miners, to explore synergies and address
constraints of accessing competitively priced rail and port infrastructure.
Corporate
During the quarter the Company secured the services of Mr John Wallington as
Managing Director with effect from 1 November 2009. Additionally the Company
appointed Mr Rance Dorrington as Company Secretary effective from 1 December
2009.
Firestone Energy is an independent Australian exploration company focused on
developing coal projects in South Africa. The company is currently exploring the
richly endowed Waterberg coalfield in the Limpopo Province of South Africa.
The Company is committed to value-added growth through becoming an independent
coal and energy producer at its projects in South Africa.
The Company has entered into two joint ventures with Sekoko Resources, a South
African black empowerment company (BEE) and Sekoko has two directors on the
Board of Firestone Energy.
Corporate Details
ASX: FSE
JSE: FSE
Issued Capital:
2,331 million ordinary shares
Major Shareholders:
Sekoko Resources (Pty) Ltd
Colbern Fiduciary Nominees Ltd
Bell Potter Nominees Ltd
Directors and Officers:
Non Executive Directors:
John Dreyer (Chairman)
Timothy Tebeila
Amanda Matthee
Colin McIntyre
Managing Director
John Wallington
Company Secretary
Rance Dorrington
Contact:
Level 1, 63 Hay Street
Subiaco, Western Australia 6008
Tel: +61 (0) 8 9381 2755
Web: www.firestoneenergy.com.au
For further information please contact:
Mr. John Dreyer
Chairman
Tel: +61 8 9381 2755
Fax: +61 8 9381 4799
www.firestoneenergy.com.au
Information in this report that relates to exploration results and coal
resources is based on information compiled by Ms Catherine Teller who is
employed by Venmyn Rand (Pty)Ltd and is a member of The Australian Institute of
Mining and Metallurgy and the South African Institute of Mining and Metallurgy.
Ms Telfer has sufficient experience which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity which
she is undertaking to qualify as a Competent Person as defined in the SAMREC and
JORC Codes. Ms Telfer consents to the inclusion in the report of the matters
based on her information in the form and context in which it appears.
Pretoria
29 January 2010
Sponsor
River Group
Date: 29/01/2010 11:34:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
