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Monday, 09 November 09
SAM'S SEAFOOD HOLDINGS SET TO COMMENCE DRILLING AT INDONESIAN COAL PROJECT


Proactive Investors reported that, Sam's Seafood Holdings is preparing to kick off diamond drilling at the company's Indonesian coal project after penning a contract with PT Maxidrill Indonesia.

The Perth-based company, poised to be renamed Pan Asia Corporation, mobilised a diamond drilling rig which targets high quality thermal coal deposits at the Roda Niaga Coal Project located about 10km to the west of Batulicin in Indonesia.

Sam's Seafood, which last traded at 2.3c on the Australian Stock Exchange, is expected to commence drilling of up to seven holes in days, with the option to continue drilling based on the success of these initial holes.

With the change in corporate direction, investors have had strong trading opportunities as the stock has risen 166% since August.

Last month, the company announced it had executed an option to acquire a 75% interest in the TCM Coal Project in Mantewe District, South Kalimantan, Indonesia from Innovation West.

In the latest news, drilling is targeting the down-dip position of thermal coal seams being mined in three nearby open pit mines

The Roda Niaga Coal Project covers 6,412Ha and is prospective for thermal coal deposits, given its close proximity to a number of existing open pit coal mines with exposed coal seams seen to dip shallowly into the Roda Niaga concession.

The drilling program is designed to test the thickness, position and quality of these coal seams as they extend into Roda Niaga.
Source:Proactive Investors



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