KEH - Keaton Energy - Keaton Energy Moves Ahead On Exploration Of Sterkfontein Release Date: 22/07/2009 12:39:01 Code(s): KEH
KEH - Keaton Energy - Keaton Energy Moves Ahead On Exploration Of Sterkfontein
Keaton Energy Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number 2006/011090/06)
JSE share code: KEH ISIN: ZAE000117420
("Keaton Energy" or "the company")
KEATON ENERGY MOVES AHEAD ON EXPLORATION OF STERKFONTEIN EXTENSION
Keaton Energy Holdings Limited (Keaton Energy) announced today that it expects
to begin exploration drilling by mid-August 2009 on the recently acquired 2
844-hectare extension to its 4 009-hectare Sterkfontein Project in the
Highveld Coalfield of South Africa`s Mpumalanga Province.
This follows receipt of Ministerial Consent for the acquisition in terms of
Section 11 of the Mineral and Petroleum Resources Development Act.
Keaton Energy MD Paul Miller says: "Planning of the R9 million, 93-hole
drilling programme, scheduled for completion by early 2010, has been informed
by data from 25 holes drilled on the extension area by the previous
prospecting right holder, which formed part of the acquisition. This data,
which have been included in the Sterkfontein Project`s geological model, give
us a six-month head-start on exploration of the extension area."
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 coal.
Keaton Energy acquired the extension by taking 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
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.
22 July 2009
Date: 22/07/2009 12:39:01 Supplied by www.sharenet.co.za
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