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APPOINTMENT OF EPC CONTRACTOR FOR THE WATERBERG COAL PROJECT
About Firestone Energy
FIRESTONE ENERGY LIMITED Firestone Energy Limited is an independent,
(Incorporated in Australia) Australian exploration and development company
(Registration number ABN 058 436 794)
listed on the Australian Stock Exchange Ltd
Share code on the JSE Limited: FSE
(ASX) and the Johannesburg Stock Exchange
Share code on the ASX: FSE
(JSE). Firestone Energy has entered into a Joint
ISIN: AU000000FSE6
Venture with Sekoko Resources (Pty) Ltd through
(SA company registration number 2008/023973/10)
which Firestone Energy has acquired the right to
("FSE" or "the Company")
60% participation interests in the Waterberg Coal
Project located in Lephalale area, Limpopo
Province, South Africa.
APPOINTMENT OF EPC CONTRACTOR FOR THE WATERBERG
COAL PROJECT The first stage of the project is to develop the
Smitspan mine which has a substantial measured
The Waterberg Coal Joint Venture Partners (WCJVP) announce that it has thermal coal resource and to develop the
entered into a Letter of Intent with ARDBEL for development of the 22 Vetleegte mine which is a substantial
metallurgical coal deposit.
million tonne per annum Coal Handling Facility, Processing Plant and
associated civil works for the Waterberg Coal Project (WCP) situated in Firestone Energy is committed to becoming a
the Waterberg Region, Limpopo, South Africa. WCJVP are pleased to now profitable independent coal and energy producer
advise the market that they have now formally instructed ARDBEL to at its projects in South Africa, thereby making a
commence with the preliminary design of the project following on from substantial contribution to the social and
the design work undertaken as part of the Definitive Feasibility Study (DFS) economic development of the Lephalale area and
for the project’s development. South Africa.
In addition to the preliminary design and basic engineering works, ARDBEL Corporate Details
ASX: FSE
(a joint venture between ELB Engineering Services and the DRA Group)
JSE: FSE
has been appointed as the contractor for the detailed design and execution
of the 22 million tonne per annum Coal Handling and Processing Plant and Issued Capital
3,549 million ordinary shares
associated infrastructure for the WCP.
Major Shareholders
The project partners have previously reported (to ASX) a JORC Compliant The Waterberg Coal Company Ltd
Resource statement of 3.8833 billion tonnes of coal; of which 2.0703
billion tonnes is in the measured category. See Table 11. Directors and Officers
The WCJVP partners have completed a Definitive Feasibility Study for the Non Executive Directors
George Oupa Magashula
project and are currently engaging with the debt and equity capital Lee Boyd
markets to secure appropriate funding for the development of the project.
Due diligence for this purpose, currently being undertaken by the Banking Officers
Mr Stephen Miller CEO and Executive Director
Group is at an advanced stage. Ms Amanda Matthee CFO
Mr Lee Boyd Company Secretary
The formal appointment of ARDBEL represents a significant step forward
in the commitment by the project partners to the development of the
project. The Project partners expect to provide to the market a further and Contact
Firestone Energy Limited
more detailed project update within the next 4 weeks. ABN 71 058 436 794
Level 2, 1 Walker Avenue West Perth, Western
Australia 6005
Australia Tel: +61 (08) 9485 0888
Fax:+61(08) 9485 0077
Web: www.firestoneenergy.com.au
Table 1 – Coal Resource on all six Waterberg Coal Project
Properties under both Prospecting Permit and Mining Right
Resource Coal Ash IM CV TS
Classificatio Resource % % Vol % (Mj/kg) %
n (Mt) # (ad) (ad) (ad) (ad) (ad)
Measured 2,070.3 57.9 2.2 17.6 10.51 0.96
Indicated 8,56.3 59.4 2.3 17.2 9.96 1.00
Inferred 956.7 58.9 2.2 17.5 10.26 1.03
Totals 3,883.3 58.5 2.2 17.5 10.33 0.99
# Coal Resource is based on minimum thickness cut-off of 0.5m
Stephen Miller
CEO
Firestone Energy Limited
4 July 2014
Note 1. The information in this announcement that relates to a Mineral Resource for the
Waterberg Coal Project is extracted from the market release dated, and lodged with ASX
on, 24 October 2013. The Company confirms that it is not aware of any new information
or data that materially affects the information included in the original release and that all
material assumptions and technical parameters underpinning the relevant market release
continue to apply and have not materially changed. The Company also confirms that the
form and context in which the Competent Person’s findings are presented have not been
materially modified from the original market release.
Competent Person Statement
Gemecs (Pty) Limited was commissioned by the Waterberg Coal Project Joint Venture Partners,
to undertake an Updated Independent Persons Geological Report for the Sekoko Waterberg Coal
Project.
The Coal Resources were estimated in accordance with the South African code for the Reporting
of Exploration Results, Mineral Resources and Mineral Reserves (“SAMREC Code”), Australasian
Code for Reporting of Exploration Results. Mineral Resources and Ore Reserves (“the JORC
Code”) and South African National Standard (SANS 10320:2004) guidelines.
The information in this announcement that relates to Exploration Results, Mineral Resources or
Ore Reserves is based on information compiled by Mr Coenraad D van Niekerk, Pr.Sci.Nat (Reg.
No 400066/98), M.Sc Hons (Geology), MDP, an employee of Gemecs (Pty) Limited, who is a
Fellow of the Geological Society of South Africa. Mr Niekerk is a mining geologist with 38 years’
experience in the mining industry, sufficient experience relevant to the style of mineralisation and
type of deposit under consideration and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves. Mr Niekerk consents to the inclusion in
the announcement of the matters based on this information in the form and context in which it
appears.
Johannesburg
4 June 2014
Sponsor
River Group
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