3 AUGUST 2011 ASX: NAE ASX ANNOUNCEMENT Second Successful Coking Coal Acquisition in Colombia
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1 3 AUGUST 2011 ASX: NAE ASX ANNOUNCEMENT Second Successful Coking Coal Acquisition in Colombia New Age Exploration Limited ( NAE or the Company ) is pleased to announce that it has entered into a binding agreement to acquire 100% of the FL2 151 exploration and mining concession, located within the Subachoque Syncline, which hosts high quality hard coking coal deposits in Cundinamarca, Colombia. The Subachoque Syncline is located approximately 40km north east of Bogota. This acquisition, completed through the NAE Aurora Partnership, follows the recently announced acquisition of the first in line rights to the JBI exploration and mining concession application, located 5km to the south of concession FL2 151 and increases NAE s ground holding in the highly prospective Subachoque Syncline. Highlights Second coking coal project acquired in Colombia exploration and mining concession FL2 151, adjacent to operating Terranova mine concession JORC Conceptual Exploration Target estimate of 10 to 18 Mt high quality medium volatile hard coking coal Approved mining plan over 100% of concession and environmental licence application submitted This second coking coal acquisition increases NAE s total JORC Conceptual Exploration Target in the Subachoque Syncline to 30 to 58 Mt high quality medium volatile hard coking coal US$600,000 in upfront payments (staged over 6 months) and 12 month due diligence and drilling period NAE Managing Director Gary Fietz commented I am pleased to announce the acquisition of the FL2 151 concession, which in addition to the recently announced acquisition of the JBI concession application, increases our exposure to the highly prospective Subachoque Syncline. We have commenced planning an initial program of geological fieldwork and drilling to delineate the coking coal seams present on the JBI concession application and we will now expand this program to include this latest concession in order to upgrade the Conceptual Exploration Targets to JORC compliant resources. Over the last three months, we have built a substantial portfolio of Colombian coal assets which now include hard coking coal concessions in the Subachoque Syncline and export thermal coal concessions in the Cesar Basin. This cements our strategy of becoming a significant player within the Colombian coal industry. Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 1 of 8
2 Concession FL2 151 The FL2 151 exploration and mining concession is located (Figure 1) approximately 5km north of the Company s recently acquired concession application JBI and adjoins the Terranova hard coking coal mine concession (concession 887T), to the north. Terranova currently produces 25ktpa of high quality medium volatile hard coking coal. Colombia's mining authority (Ingeominas) has approved the Mining Plan (Plan de Trabajos y Obras, (PTO) for 100% of the concession and an application for the environmental licence has been submitted to the Colombian Regional environmental authority (Corporacion Autonoma Regional, CAR). Modifications to the approved PTO and to the environmental licence are expected to be required for NAE's planned mining operations. Approximately 25% of concession FL2 151 is located within a National Park (Parque Naturales Nacionales, (PNN). The concession was granted prior to the introduction of the PNN and gives the right to mine until the end of the term of the concession in 2034 after which this part of the concession is not expected to be renewed. The remaining 75% of the concession is outside the PNN and it is not anticipated that any restriction on mining will apply in the future on this part of the concession. Figure 1 Location of FL2 151 Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 2 of 8
3 The primary land use in the Subachoque Valley is agriculture, and the valley is characterised by a flat base rising to small scarps and ridges running the length of the valley sides. The shape of the valley is defined by the Subachoque Syncline, with the base of the valley being formed by the coal bearing Tertiary Guaduas Formation, which also outcrops on the sides of the valley, with the scarps and ridges being formed from older Cretaceous rocks. The Tertiary Guaduas Formation contains at least seven recorded coal seams (M1 to M7), with an individual seam thickness of up to 2.0m, and a total coal thickness of approximately 12.0m FL2 151 Conceptual Exploration Target An exploration model has been developed for FL2 151 based on currently available information. The model indicates the likely presence of at least one seam of approximately 2.0m thickness (recorded at an outcrops just outside the eastern boundary of the concession) (1) and potentially at least one further seam of >1.5m thickness. These seams lie in the Lower and Middle Guaduas Formation (Figure 2) and based on analysis from a sample taken in the M3 seam at Terranova (refer to 29 July 2011 announcement Successful Acquisition of First Colombian Coking Coal Project ) are expected to contain high quality medium volatile, low ash, low sulphur coking coal. The exploration model indicates that a reasonable potential for underground mining exists, based on a plausible model with an inbuilt discount factor (30% loss due to geological structures) in the order of 10 to 18 million tonnes in situ (i.e. prior to any consideration of mine layout, recoveries etc.) depending on whether one or two workable seams are present. The coal quality is expected to be medium to high volatile hard coking coal. A small proportion (2 to 3 million tonnes) of the Conceptual Exploration Target is located within the Parque Naturales Nacionales. Figure 2 Diagrammatic Cross Section (1) P.D. Flechas Rincon and L.E. Medina Robles (1992). Evaluacion de Reservas de Carbon y su Proyeccion Minera en la Subzona de Subachoque (Cundinamarca) Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 3 of 8
4 To date, the project vendor has undertaken limited exploration on the concession, primarily trenching and development of a trial drift (Figure 3) on a small outcropping seam, confirming the presence of coal seams on the concession. Figure 3 Coal seam exposed in FL2 151 trial drift Evidence from other locations within the Subachoque Syncline (e.g. Terranova Concession) indicates that there are multiple coal seams located within the Lower and Middle Guaduas Formation. The Conceptual Exploration Target is currently based on the seams contained within the Lower Guaduas Formation. NAE believes that the Lower and Middle Guaduas Formation represent high priority exploration targets with the potential to delineate additional coal seams at shallower depths. Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 4 of 8
5 Subachoque Project The combination of FL2 151 and JBI establishes NAE as a major application and concession holder in the Subachoque Syncline (Figure 4). The close proximity of FL2 151 and JBI should allow for significant synergies to be realised during exploration, development and mining, particularly in the area of common infrastructure such as coal stock yards and coal processing plants, and the Company intends to maximise the exploration and development synergies between FL2 151 and JBI Figure 4 NAE concessions / applications for concessions in the Subachoque Syncline Table 1 Subachoque Project Key Statistics Concession/Concession Application Area (hectares) JORC Exploration Target (Mt) JBI , FL2 151 (1) Total (Subachoque Project) 2, (1) Includes 2 3Mt Conceptual Exploration Target currently within the PNN Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 5 of 8
6 Transportation & Logistics The Subachoque Project area is located approximately 5km by sealed road from the regional town of Subachoque. The coal export ports of Buenaventura (located on Pacific coast of Colombia) and Santa Marta (located on the Atlantic coast of Colombia) are 520km and 980km, respectively, by sealed road from Subachoque. Table 2 Estimated road transport distance and costs From To Km US$/Tonne Subachoque Buenaventura 520 $40 Subachoque Santa Marta 980 $45 Subachoque Barranquilla 1,040 $48 Subachoque is also located approximately 70km by sealed road from Lenguazaque, where the proposed Ferrocarril del Carare rail network upgrade will terminate. The Ferrocarril del Carare project currently has 43 founding shareholders including many of Colombia s major coal producers from Cundinamarca, Boyacá, and Santander. The project aims to connect the Cundinamarca, Boyacá, and Santander coal fields to ports on the Atlantic coast via construction of new spur lines, which will connect to the central concession railway requiring rehabilitation, and to the FENOCO concession which currently has ~40Mtpa capacity and which is currently being double tracked to increase capacity. The Ferrocarril del Carare rail project is at the conceptual stage and seeking to finalise investors to proceed to a detailed Feasibility Study. Figure 5 Transport infrastructure Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 6 of 8
7 Transaction Overview NAE and Aurora have signed a binding agreement to acquire 100% of the following concession granting the right to explore and mine coal in the Subachoque Syncline: Concession Area (Hectares) Date Granted Initial Term Extension Available FL /12/ Years 20 Years The key terms of the agreement are as follows: Initial Payment of US$300,000 in cash 5 business days after execution of the agreement Second Payment of US$200,000 in cash 50 calendar days after of execution of the agreement Third Payment of US$100,000 in cash 6 months after execution of the agreement 12 month due diligence and drilling period Fourth payment of US$2.95m in cash on completion of due diligence Fifth payment of US$2.95m in cash on cumulative production of 200,000 tonnes saleable coal from FL2 151 Royalty payable of US$1.90 per saleable tonne production NAE holds a 90% interest and Aurora holds a 10% interest in the concessions with NAE Aurora's combined interest governed by the terms of the recently announced NAE Aurora Partnership Agreement Next Steps The NAE Aurora Partnership will commence a detailed due diligence program. Upon completion of this program, the data generated will be used to plan an initial drilling program to confirm the presence of the package of coal seams hosted in the Guaduas Formation and to generate fresh coal samples to be used for coal quality analysis. The data generated by the drilling program will also be used in the delineation of a JORC resource for the FL2 151 concession. NAE intend to complete (subject to necessary approvals) the first stage of the drilling program during the due diligence period. Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 7 of 8
8 Competent Person Statement: Information in this document that relates to Exploration Results is based on information compiled by Dr Frederick Smith, who is a Fellow of the Institute of Materials, Minerals and Mining. Dr Smith is a Director and Shareholder of Aurora Energy S.A and the Managing Director and Principal Consultant of FWS Consultants Ltd. Dr Smith 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. Dr Smith consents to the inclusion in the documents of the matters based on his information in the form and context in which it appears. The potential quantity and grade of the exploration target is conceptual in nature as there has been insufficient exploration conducted to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. The conceptual Exploration Target estimate is based mainly on a geological model, of the basin structure and coal stratigraphy, created for this review. It is based on outcrop mapping and sampling by others; on interpretation of published Colombian Mining and Geological Institute (Ingeominas), and unpublished, maps; and on reliable data derived from personal experience of underground mining operations (in the same basin and sequence) contiguous with the concession. There is outcrop evidence of the presence of low ash coal of potentially mineable thickness to the east of the concession; but the number of seams, and continuity of thickness and quality, need to be proved. The geological structure and mining conditions also need proving. The project is at an early stage, and so the Target tonnages relate to coal in situ, in seams likely to be of workable thickness, but with no allowances or discounts for mining layout, recovery, support areas, or currently unforeseen geological losses. They have however, been reduced by 30%; which represents a notional allowance for possible fault disturbance. The range of quoted Target tonnages reflects the uncertainty as to whether one workable seam or two is likely to be present and can be readily mined by modern methods. For further information please contact: ENDS Victoria Thomas Gary Fietz Six Degrees Investor Relations Managing Director victoria@sixdegreesmedia.com.au New Age Exploration Limited info@nae.net.au Level 17, 500 Collins Street, Melbourne, VIC, 3000 ACN Page 8 of 8
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