Challenger Deep Resources Signs ABBR Mining and Marketing Agreement

Challenger Deep Resources (TSXV:CDE), through its wholly owned subsidiary, PT Bestindo Energy, signed a formal exclusive Mining and Marketing agreement, with an initial term expiring in 2020 with an option to extend beyond that date, for the ABBR Project in Central Kalimantan, Indonesia.

As quoted in the press release:

The ABBR licence lies adjacent to Challenger’s KEM license where drilling activity is taking place on the initial areas scheduled for production. Challenger’s due diligence field work on the ABBR Project has confirmed the presence of at least 16 seams which are the strike continuity to the east of seams exposed in the KEM license area.

Challenger Deep Resources President Ranjeet Sundher said:

The signing of the ABBR project is an integral part of the overall Barito Project for Challenger. With the mining licenses and infrastructure in place, combined with the high quality of coal, we believe we can build a profitable coal production company that is sustainable and highly scaleable.

Click here to read the Challenger Deep Resources (TSXV:CDE) press release

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