The program is designed to provide a comprehensive assessment of the coal resource potential of the property based on geological mapping, trenching, sampling of outcropping/sub-outcropping coal seams and geological interpretation.

The duration of this initial program will depend upon the field conditions and results of the initial survey, and the program is designed to identify and locate drill targets for the next phase of exploration.

Challenger has granted 115,865 stock options to a director of the company in accordance with the company’s shareholder-approved stock option plan, and the stock options are exercisable at a price of CAD0.47 per share, expire in five years and vest immediately.