New opportunities arose in the March quarter, with InCoal considering three separate mining prospects in Central Queensland. The company said it was currently developing a mine plan and proposal to put to the mine owners.

In addition, Bounty said there were a number of contract opportunities for InCoal at German Creek, which the company is currently exploring with mine owner Anglo.

Bounty also announced the approval of its acquisition of the remaining 49% of InCoal, which will enable the company to manage its assets more efficiently and consolidate its earnings.

Bounty directors remain confident they will reach their previous net profit after tax guidance of $A5 million for the 2006 financial year.

Bounty’s earnings guidance for the 2007 financial year is to double its 2006 profit to at least $10 million.

Bounty was trading at 33 cents this morning.