Atlantic Coal PLC Stockton Mine Reserve Update (7203G)
June 11 2013 - 2:01AM
UK Regulatory
TIDMATC
RNS Number : 7203G
Atlantic Coal PLC
11 June 2013
Atlantic Coal plc / Index: AIM / Epic: ATC / Sector: Mining
11 June 2013
Atlantic Coal plc ("Atlantic Coal" or the "Company")
Stockton Mine Reserve Update
Atlantic Coal, the AIM listed anthracite coal mining company
operating in Pennsylvania, USA, is pleased to announce a 29.0 per
cent. increase in its clean coal reserve base to 1.777* million
tons from 1.375 million tons, at the Stockton anthracite mine
("Stockton") located near Hazleton, Pennsylvania.
The upgrade is part of the annual audit at 31 December 2012 of
Stockton by independent consultant John T. Boyd Company, This
re-assessment follows the 2012 record production of 161,659 tons
and therefore, were that to be taken into account, then it would
represent an effective increase of over 560,000 tons on the 31
December 2011 reserve base (equivalent to a 41.0 per cent.
increase). The board of Atlantic Coal estimates that this increase
will extend the life of Stockton by approximately four years from
2020 to 2024 based on the 2012 production figure.
Atlantic Coal's Managing Director Steve Best said: "We are
pleased to announce this significant increase in Stockton's reserve
base and subsequent expected mine life extension. This follows the
record production figures reported from our Pennsylvanian mine for
the quarter ended 31 March 2013. Stockton remains an important
element of our strategy to become a major mid-tier anthracite
producer. With an additional 400,000 tonnes (after deduction of the
2012 production of 161,659 tonnes) of high anthracite identified on
site, and our recent acquisition of the Pott & Bannon site, I
believe that we can look ahead with confidence over the coming
months as we advance our production portfolio."
*The revised estimate is subject to completion of drilling to
confirm the extent of prior by-passed coal on the south wall of the
mine and development of an updated mine plan for recovery of
remaining coal.
Ronald L Lewis, a registered Professional Mining Engineer in
Alabama, Kentucky, Ohio, Pennsylvania and West Virginia, a
Certified Member of the American Institute of Minerals Appraiser, a
registered Member of the Society for Mining, Metallurgy and
Exploration, Inc.,), Managing Director and COO of John T. Boyd
Company, who meets the criteria of a qualified person under the AIM
Rules - Note for Mining, Oil and Gas Companies, has reviewed and
approved the technical information contained within this
announcement.
**ENDS**
For further information on the Company, visit:
www.atlanticcoal.com or contact:
Steve Best Atlantic Coal plc Tel: 020 3328 5670
Nick Naylor Allenby Capital Limited Tel: 020 3328 5656
Mark Connelly Allenby Capital Limited Tel: 020 3328 5656
Alex Price Allenby Capital Limited Tel: 020 3328 5656
Elisabeth Cowell St Brides Media & Finance Tel: 020 7236 1177
Ltd
This information is provided by RNS
The company news service from the London Stock Exchange
END
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