PHI Group, Inc., (OTCQB:PHIL) announced today that they have hired PT Runge Indonesia, to investigate the PT Tambang Sekarsa Adadaya coal concessions in West Sulawesi, Indonesia.
As quoted in the press release:
The technical due diligence is part of PHI Group’s validation of the resources, reserves and quality of the TSA coal concessions prior to the closing the purchase of 70% equity ownership in TSA. This independent assessment by Runge aimed to result in the production of a Resource and Reserve Statement in conformance with “The Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code,” subject to the mining concessions having suitable ore potential.
PHI’s Chairman and CEO, Henry Fahman, said:
We are fortunate to be associated with a number of highly respected and professional mining consulting firms in Indonesia and are especially delighted to have Runge’s assistance in the technical due diligence of the TSA project.