Bathurst Resources Limited
(ASX:BTU) has announced an increase in reserves at its Buller Coal project on the South Island of New Zealand.
The coal miner has increased its total reserves in the South Buller area by 76 per cent, while companywide resources have been boosted by 11 per cent.
Managing Director Hamish Bohannan says an improved understanding of the Buller geology has led to a much greater confidence in the resource base of the project.
Mr Bohannan said Bathurst’s drilling program in the current financial year will focus on expanding the company’s knowledge base of the North Buller permits.
Bathurst posted a full year net profit of $21.5 million for fiscal 2012.
