Xceed proceeds with Moabsvelden

ASX-listed company Xceed Resources will submit a mining licence application for its Moabsvelden thermal coal project in South Africa at the end of this month, after aggressive drilling at the tenement upgraded the resource from an indicated to measured status.
Xceed proceeds with Moabsvelden Xceed proceeds with Moabsvelden Xceed proceeds with Moabsvelden Xceed proceeds with Moabsvelden Xceed proceeds with Moabsvelden

Courtesy Xceed Resources

Lauren Barrett

The resource, located in the Witbank coal field, now stands at 66 million tonnes, up from 55Mt.

The updated resource was based on the drilling of 39 diamond holes for a total of 2868 metres.

Xceed managing director Ian Culbert said the Moabsvelden upgrade was an important milestone in the eventual development of the Moabsvelden colliery.

“We are delighted that the appealing characteristics of a low strip ratio and the existence of export quality, as well as domestic grade coal, have been confirmed by the recent drilling program,” Culbert added.

Xceed said it was targeting mine development for its 74%-owned project by 2012.

The project is expected to have a mine life in excess of ten years.

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