Attila spends Q1 exploring

WITH positive results from initial exploration and $A4.74 million ($US4.9 million) cash in the bank at the end of the first quarter, Attila Resources looks set to move its flagship Kodiak project into the next quarter with confidence.

Staff Reporter

The company’s Alabama-based coking coal project consists of the Gurnee and Seymour properties which are at various stages of exploration.

The Gurnee property was recently upgraded to a total 78.4 million ton JORC resource of 71.6Mt measured and 4.8Mt inferred.

A scoping study has commenced and initial testwork suggested a high-quality hard coking coal.

The less advanced Seymour property has just begun initial drilling and aims to convert its estimated 87-93Mt exploration target into a JORC-compliant resource following the drilling program.

During the quarter the company had total operating and investing cash flows of just under $1.5 million and net financing cash flows of almost $1.3 million through proceeds from issues of shares and options.

When balanced with the $4.95 million the company had at the beginning of the quarter, Attila ends the period with $4.74 million in the bank.

The company will move towards releasing a scoping study at Gurnee in Q2 2013 and chase a JORC resource at Seymour.