Challenger Deep Resources Corp. (TSXV:CDE) is pleased to announce that it has signed an Exclusivity Agreement to mine and market coal from the KEM coal project in Central Kalimantan, Indonesia.
As quoted in the press release:
The Exclusivity Agreement with CV Kara Elmas Madenleri (“KEM”) gives Challenger the exclusive right, for a period of sixty days, to conduct due diligence on the KEM coal project and to enter into a Mining Operation – Production Agreement for the project. The Mining Operation – Production Agreement will give Challenger full control of all coal production and marketing within the KEM project area.
Challenger’s President and CEO, Ranjeet Sunder, said:
The KEM Project gives us the potential to generate near-term cash flow which will provide funding for our Tabang Project development and will enable us to capitalize on other high-quality opportunities, while minimizing dilution to our shareholders during these difficult capital markets.
Get Our Expert Guide to Coal Investing FREE!Download this FREE Special Report, Coal Price Forecast 2015 Types of Coal, Coal Prices and Coal Stocks