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Thursday, 09 February 12
AUSTRALIA'S EPIC TO ACQUIRE 15,500 HA COAL EXPLORATION LICENCES IN EAST KALIMANTAN, INDONESIA


COALspot.com - Epic Resources Limited to acquire two coal concessions in Kutai Barat regency, East Kalimantan, Indonesia.

According to company's disclosure, the Agreement relates to two exploration licences (PT. Tata Borneo Wikajaya (5500 ha) & PT. Tata Buana Kharisma (10000 ha)) in the Long Bagun District, Kutai Barat Regency in East Kalimantan Indonesia.

The Project lies to the south west of the Mahakam River and in close proximity to the Mamahak Village, an area known to produce semi soft coking coal.

Highlights:
Potential to acquire up to 100% ownership in two coal exploration licences in East Kalimantan
Vendors to be paid A$800,000 via an issue of 4,000,000 Shares at a deemed issue price of A$0.20, a 90% premium to the last traded price for the acquisition of the initial Stage 1 Interest
Exploration licences are in close proximity to the Mamahak semi-soft coking coal mine
The exploration licences cover a total land area of 15,500Ha (155km2)
The Company will undertake a technical due diligence work program on the exploration licences
Company remains fully funded with approximately A$3.75m as at December 2011

About EPIC
Epic Resources is an Australian-based exploration company that was initially established to acquire, explore, evaluate and exploit uranium-REE deposits and explore prospective uranium tenements and other minerals.

Epic Resources entered into a Farm-in Agreement with Cazaly Iron Pty Ltd (Cazaly), pursuant to which the Company has a right to earn a 75% interest in the Quartz Hill Project.|

In addition to seeking to earn a 75% interest in the Quartz Hill Project and as outlined in the Company’s Prospectus, the Company intends to pursue new projects in the resources sector, both in Australia and overseas, by way of acquisition or investment.

These projects may include other types of minerals including, without limitation, coal, iron ore, copper, gold, manganese, tin, nickel, potash and tungsten.

For more information, visit www.epicresources.com.au


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