Re: ICX - International Coal
South Blackall
Maiden JORC resource of ICX’s South Blackall Project
• ICX confirm a JORC compliant Inferred Thermal Coal Resource at EPC2197 of 728 million tonnes lessthan 1 year after listing on ASX
• Average cumulative seams of 13.93metres achieved – Moultrie’s Independent Exploration Target had
previously predicted that the average cumulative seam would be 10metres
• Less than 15% of EPC2197 has been drilled to date to achieve this substantial inferred resource
• Planning for another drill programme is underway in order to significantly increase this inferred
resource number
• ICX holds an additional 8,000 km² of tenements under application adjacent to EPC2197 – drilling to date has
covered less than 1.2% of our potential landholding in the Eromanga Basin
• ICX is well placed to be a leading developer of coal resources in the emerging and exciting Eromanga
Basin region
ICX recommences drilling at South Blackall – EPC 2197
Announcement highlights –
● Phase 2 drill programme has recommenced with 2 holes completed within the first week,
● Drill program and hole locations clearly defined over project area with focus on shallow depth intersections and following seam structures ,
● Results of our first program have provided significant valuable technical data from which this programme is now based,
● Approximately 12 – 15 holes of rotary and diamond drilling will be conducted over the forthcoming months,
● Senior consultants and management team are currently on site managing the program and the development of an onsite camp,
● Technical results from our first programme are currently being concluded and shall be released in the short term
● Our aim is to significantly increase the Inferred Resource size from EPC2197 as previously announced in April 2012
Development of South Blackall Projects
In addition to the development of EPC2197, ICX is currently exploring a number of alternatives to develop many of its adjoining projects that are currently under application.
The Board of ICX is currently in discussion with a number of parties about the development of these sites and the company looks forward to providing further updates about this in the near future.
ICX has recently received advice from the Queensland government that a number of the adjoining projects under application may be granted in the near term.
Bundaberg
ICX, in conjunction with the Moultrie Group, have also prepared an extensive drilling and exploration plan for EPC 2194. ICX is currently in discussions with a number of parties about this drilling programme and whilst a commencement date has yet to be concluded, the company plans to start as soon as negotiations are finalised.
132m FPO shares on issue, $3.2m on hand, roughly a $10.5m MC.