New Age Exploration Limited ("NAE" or "the Company") is pleased to announce the completion of seismic interpretation work at its Cesar Basin export thermal coal projects and the commencement of a tender program for a phased drilling program at the La Miel project.
Highlights
Seismic interpretation study has been completed for all Cesar Basin export thermal coal projects
Interpretation indicates that depth to top of target coal formation at La Miel (concession GJP-151) is between 400m and 800m
NAE has designed a phased drilling program at La Miel based upon this interpretation:
? Phase 1 - To confirm existence, thickness and quality of coal seams, with 3 open holed boreholes at La Miel
? Phase 2 - Subject to success of Phase 1, 4 cored and open hole boreholes with the aim of defining a JORC Inferred Resource at La Miel
Expressions of Interest for the La Miel drilling program were recently issued to shortlisted drilling contractors, with Phase 1 anticipated to commence in Q2 2012
NAE to advance the La Miel exploration program in parallel with its Terranova Stage 1 and Stage 2 Coking Coal Project.
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