| Fri 17 Dec 2010, 9:19 | | RSG - Resource Generation Limited - Reserves Upgraded |
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RSG
RSG
RSG - Resource Generation Limited - Reserves Upgraded
Resource Generation Limited
Registration number ACN 059 950 337
(Incorporated and registered in Australia)
Share code on the JSE Limited: RSG
Share code on the Australian Stock Exchange ("ASX"): RES
ISIN Code: AU000000RES1
("Resgen" or "the Company")
RESERVES UPGRADED
Resgen has now expanded the detailed mine plan at its proposed Boikarabelo mine
in the Waterberg region of South Africa, following additional drilling
undertaken earlier this year on the Kalkpan tenement.
The completion of the expanded mine plan has enabled the reserves to be
upgraded. Boikarabelo now has probable reserves of 744.8 million tonnes, an
increase of 108.8 million tonnes. The area covered by this reserve amounts to
only 35% of the resource bearing tenements.
Paul Jury, managing director of Resource Generation, said: `These results are
further confirmation of the potential of our Boikarabelo mine to supply large
quantities of thermal coal to both the export and domestic thermal coal markets,
over several decades. Together with our 20 year contracts to supply coal to
India`s CESC power utility and Bhushan Steel Limited, this reserve upgrade
assists in underwriting revenues for our project finance raising to complete the
development.`
Boikarabelo`s reserves and resources in detail
(100% figures) Inferred Indicated Measured Total Resource Probable
(million tonnes) Resource Resource Resource * Reserve
* * *
Waterberg #1 SW 426.3 426.3 314.2
Waterberg #1 NE 551.7 551.7
Witkopje S & 664.2 664.2 430.6
Kalkpan
Draai Om 791.3 791.3
Witkopje N 688.3 688.3
Total 1,479.6 551.7 1,090.5 3,121.8 744.8
* Total in-situ tonnes of coal excluding shale content. The total resource
including shale is 6.4 billion tonnes.
Coal qualities are consistent and are the same as those disclosed to the ASX on
22 January 2010.
Information in this release that relates to exploration results, mineral
resources or ore reserves is based on information compiled by Mr Dawie Van Wyk
who is a consultant to the Company and is a member of a Recognised Overseas
Professional Organisation. Mr Van Wyk has sufficient experience which is
relevant to the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a Competent Person as
defined in the 2004 Edition of the `Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves`. Mr Van Wyk has given
and has not withdrawn his consent to the inclusion in the release of the matters
based on his information in the form and context in which it appears.
Sydney, Australia
17 December 2010
Sponsor: Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 17/12/2010 09:19:01 Produced by the JSE SENS Department.
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