Australian Pacific Coal (AQC) is pleased to announce the commencement of the exploration programme on the Mount Hillalong Joint Venture with Rio Tinto Exploration Pty Ltd (Rio Tinto) pursuant to the Exploration Option and Joint Venture Agreement Mount Hillalong (EOJVA). The EOJVA was entered into between the parties on 8 August 2011.
Rio Tinto has informed AQC that the joint venture’s exploration programme is now activated. Rio Tinto has a 24 months period within which to conduct this programme of exploration. Rio Tinto has advised AQC of a detailed drilling and seismic programme that will be undertaken on targets already identified in preparation for this drilling programme.
This is a milestone event for AQC. Under the terms agreed with Rio Tinto, the joint venture Commitment Period expires on 23 August 2015.
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