1 July 2008
Company Announcement
DRILLING PROGRAMME TO COMMENCE AT DAGUMA COAL PROJECT
Highlights:
- Drilling contract signed in relation to 5,000m of core drilling
- Equipment ready for mobilisation to site
- First coal quality results expected in August 2008
- Objective is to prove up a JORC-compliant resource of 150 million tonnes of coal with a view to bringing the project into production thereafter
Dwyka is pleased to announce that a drilling agreement has been signed with Construction & Drilling Specialist, Inc. (“CDSI”), one of the leading Filipino drilling companies, pursuant to which CDSI will complete 5,000m of core drilling (resulting in approximately 25 large diameter drill holes) at the Daguma coal deposit.
The purpose of the drilling is to verify historic work and further define and delineate the coal resource at the Daguma deposit which forms part of the Daguma coal project (“Project”) located on southern Mindanao, The Philippines. It is Dwyka’s objective to prove up a measured, defined (JORC-compliant) resource of 150 million tonnes of coal within 24 months, with the intention of bringing the Project into production.
Drilling under the agreement is intended to commence immediately following the exercise by Dwyka of its option to acquire an initial indirect interest of 30% in the Project, expected to occur shortly.
In May 2008, Dwyka raised GBP10.3M from institutional investors and other exempt offerees in support of the Project.
Speaking today in relation to the signing of the drilling agreement, Melissa Sturgess, Chief Executive Officer of the Company, said:
”We are delighted to already be in a position to commence drilling at Daguma. It is testament to the abilities of our local Philippine partners that we have been able to get to this point so quickly. We look forward to delivering the first results from the drilling programme in the near future”.
For further information please contact:
Melissa Sturgess
Dwyka Resources Limited
+44 (0)78 2555 1397 or [email protected]
DWY
dwyka resources limited
