CHIEF EXECUTIVE OFFICER’S REPORT
The last twelve months has seen your company reach a number of significant milestones towards development of its coal resources. Adding real value to your company’s coal project holdings.
Our primary exploration focus has been on the company’s Cooroorah tenement within AQC’s 100% owned Blackwater Project. The exploration drilling program undertaken has advanced the tenements resource status from inferred to indicated and led to the grant of a mineral development licence covering the tenement. MDL 453 was granted on 22 July 2013. Further progress is now being made through an early stage scoping study which will set the guidelines for development of the project and provide supporting information to potential joint venture or development partners.
We are also pleased to report the two year commitment period for the Company’s Mt Hillalong exploration joint venture with Rio Tinto Exploration has commenced. Rio have now completed the first phase of their drilling program with positive results showing coal intersections at depths suitable for large scale open cut mining operations.
The company’s exploration is focused on its core projects, primarily the Blackwater projects. Our success in securing strategic holdings of coal tenements close to existing infrastructure has provided opportunities for the company to realise value from its second tier projects through direct sale. During the year we were able to realise value for shareholders through the sale of two of these second tier tenements EPC 2157 and EPC 1548.
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