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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.
