Cardero moves forward with Carbon Creek

CANADIAN producer Cardero Resource has carried out a bulk sample drill program on nine of the metallurgical coal seams within its Carbon Creek tenement, prompting the miner to pursue off-take agreements.
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A map of the Carbon Creek property. Courtesy Cardero Resource.

Lauren Barrett

The completion of the coal quality analysis will give Cardero Resource sufficient time to carry out negotiations with potential end-users.

Cardero Resource chief executive officer Michael Hunter said the completion of coal quality analysis on the seams represented a key milestone for the project.

“We are very pleased to have completed this important part of the bulk sampling program on schedule, allowing us to move towards timely off-take negotiations in Q2,” he said.

“Off-take agreements are one of several financing options potentially available to Cardero in 2013 and they could help limit share dilution as we move towards feasibility and a potential production decision.”

The miner said samples from individual seams weighed approximately 300kg.

When analysed they will provide coal quality data which should assist potential customers to negotiate future off-take arrangements.

Carbon Creek is an advanced metallurgical coal development project located in the Peace River coal field of north-eastern British Columbia.

The project is tipped to produce 2.9 million tonnes of saleable coal per annum.

Cardero expects to complete a feasibility study on the project in early 2013.

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