Gleneagle welcomes South African geo

GLENEAGLE Gold has appointed a South African geologist to the board as non-executive director, continuing its strategy to become a big player in South Africa’s coal industry.

Blair Price

The Perth-based junior said Christopher Jones was an experienced and well-qualified geologist with a good working knowledge of the Waterberg coal field.

Gleneagle also said Jones would be able to call on an extensive network of coal industry consultants and contractors to assist the company with its development plans.

Earlier in the year, Gleneagle inked a deal to acquire up to 70% of a Waterberg coal portfolio held by Namane Resources.

The portfolio has an initial indicated resource of 1.3 billion tonnes in the Waterberg coal field, which contains almost 50% of South Africa’s known coal reserves.

Gleneagle has acquired a 35% stake of Namane subsidiaries Temo Coal Mining and Manupont 243, which hold the prospecting rights.

Gleneagle has the option of boosting its stake to 70% by spending up to $15.4 million within a two-year period to advance the project to bankable feasibility study status.

Shares in Gleneagle jumped 7.69% yesterday to 14c.