Heads of Agreement to acquire Uraba coal mining concession – 22 July 2013

Ascot ResourcesUncategorised

KEY HIGHLIGHTS

  •  Ascot has entered into a conditional, binding Heads of Agreement to acquire a 90% interest in a ~5,000 hectare coal mining concession located near the Gulf of Urabá in the Department of
    Antioquia, Colombia.
  • The acquisition would provide potential for Ascot to consider synergies, including coal blending and logistics, with its 90%-owned Titiribi project, located approximately 360km to the south.
  • Preliminary surface geology and sampling, together with extensive field mapping, indicate the coal has some potential to be a blend metallurgical type coking coal, pricing itself above a premium
    thermal.
  • Concession is located within 25km of existing port infrastructure and within 260km of an established coal port. Expected low logistic costs due to close proximity to Coast.

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Ascot signs Heads of Agreement to acquire Uraba coal mining concession – 22 July 2013