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Monday, 19 December 11
KOPEX COMMITS ADDITIONAL ONE MILLION DOLLAR FOR PT TRANSCOAL MINERGY


COALspot.com - Mining contractor Kopex has agreed to extend a further US$1 million to finance the remainder of the expanded drill program at PT Transcoal Minergy project in South Kalimantan.

According to Pan Asia Corporation Ltd's media statment posted on its website, Kopex increases commitment to 115mt JORC TCM Project (PT Transcoal Minergy project) by agreeing to fund additional US $1 million to cover all costs of expanded drill programme. Funding repayable at Pan Asia election in cash or convertible in Pan Asia ordinary fully paid shares at AUD $0.15 per share within 60 days following final feasibility study completion.

Pan Asia Corporation Ltd informed ASX today that the fund will be used to complete the final feasibility study of TCM, which is expected by end of March 2012.

In October 2011, the Company upgraded its initial JORC Resource at the TCM Project to 114.6 million JORC tonnes consisted of measured 35.6 million tons, indicated 35.1 million tons, and inferred 43.9 million tons according to the report posted on company's website.

About Pan Asia Corporation Limited
Pan Asia Corporation Limited is a rapidly growing resource company listed on the Australian Securities Exchange (ASX: PZC) with offices in Perth, Sydney, and Jakarta.  The Company aims to be a major supplier of key resources into the expanding Asian markets and has a balanced mix of thermal coal assets in Indonesia.



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