Challenger Signs Formal ABBR Mining and Marketing Agreement
27 June 2013 - 9:30PM
Marketwired Canada
Further to our previously announced execution of an Exclusivity Agreement
related for the coal mining and marketing rights for the ABBR Project in Central
Kalimantan, Indonesia (May 17, 2013), Challenger Deep Resources Corp.
("Challenger" or the "Company") (TSX VENTURE:CDE) is pleased to announce that,
through its wholly owned subsidiary, PT Bestindo Energy ("BE"), it has signed
the formal exclusive Mining and Marketing agreement with an initial term
expiring in 2020 with an option to extend beyond that date.
The ABBR licence lies adjacent to Challenger's KEM license where drilling
activity is taking place on the initial areas scheduled for production.
Challenger's due diligence field work on the ABBR Project has confirmed the
presence of at least 16 seams which are the strike continuity to the east of
seams exposed in the KEM license area.
Due diligence test pitting and outcrop sampling have confirmed coal quality
ranging from GAR 6,022 to 6,330. Outcrop width of seams discovered to date vary
from 0.2 - 2m. Drilling is to commence immediately on the extension of seams
currently being drilled on the KEM license area. These seams are projected to
strike for a distance of 1.8 km through ABBR license area.
Sample analysis is summarized below:
----------------------------------------------------------------------------
GCV
TM IM Ash VM FC TS (Kcal/Kg)
Outcrop or ---------------------------------------------------
No. ROM Coal %, AR %, ADB %, ADB %, ADB %, ADB %, ADB ADB CV GAR
----------------------------------------------------------------------------
1 Test pit 11.9 9.56 6.32 37.35 46.77 0.4 6,182 6,022
----------------------------------------------------------------------------
2 Test pit 14.11 10.51 2.04 42.40 45.05 0.15 6,482 6,221
----------------------------------------------------------------------------
3 Outcrop 15.38 11.72 1.72 42.40 44.16 0.19 6,428 6,162
----------------------------------------------------------------------------
4 Outcrop 11.36 7.91 3.21 40.46 48.42 0.34 6,769 6,515
----------------------------------------------------------------------------
5 Outcrop 9.97 7.11 4.72 42.45 45.42 2.58 6,532 6,331
----------------------------------------------------------------------------
Average 12.54 9.36 3.60 41.01 46.02 0.73 6,479 6,135
----------------------------------------------------------------------------
A geological team and two drill rigs are currently on-site completing mine plan
and exploration drilling.
Ranjeet Sundher, President of Challenger commented, "The signing of the ABBR
project is an integral part of the overall Barito Project for Challenger. With
the mining licenses and infrastructure in place, combined with the high quality
of coal, we believe we can build a profitable coal production company that is
sustainable and highly scaleable."
All outcrop and test pit samples were processed by Geoservices Laboratory,
Banjarbaru, South Kalimantan. Industry standard Quality Control and Quality
Assurance protocols were employed in the sample acquisition, preparation and
analysis procedures.
The Qualified Person (as defined by NI 43-101) responsible for the review,
verification and approval of the technical material presented in this news
release is Mr. Andre Talaska, a director of PT Bestindo Energy, a wholly owned
subsidiary of Challenger.
About Challenger
Challenger Deep Resources Corp. is an exploration company focused on the Asian
coal industry. Challenger's business plan is to acquire, explore and to bring
its viable coal projects into production. Challenger has an experienced
Indonesian exploration and mining team with offices in Calgary, Singapore and
Jakarta.
CAUTIONARY STATEMENT
No stock exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
READER ADVISORY
Statements in this press release may contain forward-looking information
including, statements regarding exploration and production and marketing
activities. Any statements that are contained in this press release that are not
statements of historical fact may bedeemed to be forward-looking statements. The
reader is cautioned that assumptions used in the preparation of any
forward-looking information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted, as a result
of numerous known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Challenger. Factors that could cause the actual
results to differ materially from those in forward-looking statements include,
granting of exploration and mining permits, surface access and other licenses
from Indonesian regulatory authorities, exploration results, the continued
availability of capital and financing, and general economic, market or business
conditions in North America and in the Asia Pacific region. The reader is
cautioned not to place undue reliance on any forward-looking information. There
can be no assurance that the proposed exploration and development programs in
Indonesia or other project acquisitions will be completed or, if completed, will
be successful or that coal production and sale will be achieved. Readers are
cautioned that there has been insufficient exploration to define a mineral
resource on either the ABBR license or the KEM license and that it is uncertain
when or if the Barito Project will be put into production.
The forward-looking statements contained in this press release are made as of
the date of this press release, and Challenger does not undertake any obligation
to update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required by securities law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Challenger Deep Resources Corp.
Ranjeet Sundher
President
+65-6220-7745
Challenger Deep Resources Corp.
Kirk Gamley
Investor Relations
604-689-7422
Challenger Deep Resources Corp.
Mas Kobuchi
Investor Relations
604-689-7422
www.challengerdeep.ca
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