Challenger Deep Resources Formalizes Mining and Marketing Agreement for KEM

Challenger Deep Resources Corp. (TSXV:CDE) that they have signed a marketing and mining agreement for the life of the mine of the KEM Project, replacing the previously announced Exclusivity Agreement.

As quoted in the press release:

Challenger’s due diligence field work on the KEM Project has confirmed the presence of at least 13 coal seams dipping at 12-35 degrees to the North. The seams are developed within the Warukin formation and structurally form part of a gently North plunging synform. The overall dip and geometry of the seams confirm the availability of low strip ratio coal.

Challenger’s President, Ranjeet Sundher, said:

With the mining licenses and infrastructure in place, coupled with the high quality of coal, we can build a cash-flow company that is sustainable and scaleable.

To view the whole press release, click here.