Challenger Deep Resources Company (CVE:CDE) announced that it has entered into an MOU to purchase the shares of PT Belangi.
Challenger Deep Resources Company (TSXV:CDE) announced that it has entered into an MOU to purchase the shares of PT Belangi.
The press release is quoted as saying:
PT Pelangi is a private Indonesian company which holds certain coal rights in an area of approximately 4,000 hectares in close proximity to Challenger’s Tabang Coal Project. The Pelangi property covers the Balikpapan formation which is prospective for coal in this area. The Balikpapan formation is known to host thick seams of coal in the general Tabang area.