KEH - Keaton Energy Increases Sterkfontein Project Area By 71% Release Date: 07/04/2009 14:17:02 Code(s): KEH
KEH - Keaton Energy Increases Sterkfontein Project Area By 71%
Keaton Energy Holdings Limited
(formerly Tricoal Holdings Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2006/011090/06)
JSE share code: KEH ISIN: ZAE000117420
KEATON ENERGY INCREASES STERKFONTEIN PROJECT AREA BY 71%
Keaton Energy is pleased to announce that it has reached agreement on a
transaction which, on conclusion, will add 2 844 hectares of prospecting rights
to its 4 009-hectare Sterkfontein Project ("the acquisition") - an increase of
Keaton Energy Managing Director Paul Miller said: "Importantly, the addition -
referred to as the Sterkfontein Extension Prospecting Right - `fills out` the
areas between Sterkfontein`s North 2 and South Blocks, marking a big step
towards delivery on our stated strategy to consolidated our existing projects."
Keaton Energy has already drilled 132 boreholes - a total of 25 000 metres - on
the original 4 009-hectare Sterkfontein property, from which it has declared a
total coal resource of 34.8 million tonnes ("Mt"), 17.5Mt in the indicated
category in the North 1 and 2 blocks and 17.3Mt in the measured category in the
South Block. Results indicated that 50% is export coal and 33% domestic steam
Miller says the acquisition includes data from a recently completed, 25-hole
drilling programme, which will give Keaton Energy a six-month head-start on
exploration of the additional 2 844 hectares.
The acquisition, which is subject to Ministerial Consent in terms of Section 11
of the Mineral and Petroleum Resources Development Act, involves Keaton Energy
acquiring a 74% interest in Labohlano Trading 46 (Pty) Limited, holder of the
Sterkfontein Extension Prospecting right, from Money Box Investments 156 (Pty)
Limited ("Money Box"), for an undisclosed amount.
Money Box is owned by a broad-based consortium that includes black
professionals, the investment arm of the South African Women in Mining
Association and local community members.
This voluntary announcement has been released for shareholder information
purposes only as the acquisition is not categorised in terms of the JSE Limited
Listings Requirements. A diagram of the respective prospecting rights is
available on www.keatonenergy.co.za.
7 April 2009
Nedbank Capital Routledge Modise
Date: 07/04/2009 14:17:02 Supplied by www.sharenet.co.za
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