Pan Asia confirms second South Kalimantan underground deposit

THE DRILL SERGEANT: Pan Asia Corporation has confirmed a potential second underground deposit in the north of the company’s TCM coal concession in South Kalimantan, Indonesia.

Pan Asia said drill core and geophysical logging of four exploratory drill holes in the north of the concession, have confirmed continuity of the same coal seams from the TCM North deposit.

The current JORC resources at the TCM Project, following completion of
35 boreholes in October 2011. Source: Company announcement

“This is an excellent result confirming the probability of a similar
deposit in the northern half of the concession,” Pan Asia Corporation
chief executive officer Alan Hopkins said in the company’s announcement
to the Australian Securities Exchange.

The TCM North deposit contains a 114 million tonne JORC resource and is curerently undergoing a feasibility study for an underground longwall mining operation.

The spacing of these latest drill holes extended around 1.5 kilometres north from the previously drilled limit of the TCM South deposit and it remains open for approximately another four kilometres to the north.

TCM project map. Source: Company announcement