Xceed started a diamond drilling program at Roodepoort in mid-February, which consisted of completing 20 HQ diamond holes with an average depth of 35m reached for each hole.

All holes were subject to wireline geophysical logging and geotechnical testwork on samples from selected holes was carried out to assist with potential mine planning.

The core samples have been delivered to Noko Laboratories in Witbank for washability testing.

Xceed’s geological consultant Gemecs will receive the results of the testwork within a week, enabling it to complete resource modelling by the end of March.

At Bankfontein, Xceed plans to complete 20 HQ diamond holes with an average depth of 55m for a total of 1100m.

Due diligence undertaken at Bankfontein in the December 2011 quarter indicated the presence of high yielding and high-grade coal measures within four coal seams of mineable thickness.

The drilling program aims to test the extent of the coal mineralisation as well as investigate whether any part of the mineralisation is amenable to open cut mining.

The drilling program at Bankfontein is scheduled to be completed by the end of March to early April.

The Bankfontein property is located 40km north of the town of Ermelo, while Roodepoort is located within 20km of Eskom’s Kriel and Matla coal fired power stations.

Xceed has a 70% stake in both the Bankfontein and Roodepoort projects.