ORPHEUS CLOSE TO PRODUCTION IN INDONESIA Coalworks? wholly owned subsidiary Orpheus Energy Group Pty Ltd?s joint venture at the B26 Coal Project in Indonesia is making good progress in achieving coal production (see photos below). Heavy earthmoving machinery has been pre stripping the overburden to expose the coal at B26 in East Kalimantan in preparation for trial mining. Trial shipments of coal are planned for February 2011 and an offtake agreement for the first 25,000 tonnes of coal has been entered into with an advance of $500,000 already paid. Drilling has also commenced to advance the existing database and mine plan to JORC standard for conversion to a JORC resource. As part of the listing of Orpheus, Coalworks is pleased to advise it expects to receive 35 million shares in Orpheus Energy Limited. Coalworks? Directors intend to recommend approximately 1 Orpheus share for every 8 Coalworks shares held by shareholders. The record date will be announced soon and is expected to be 30 days after Orpheus lists on the ASX, scheduled for the first half of 2011.
CWK Price at posting:
92.4¢ Sentiment: Buy Disclosure: Held
