South African subsidiary Mashala Resourcesrecently executed sale and purchase agreement with Misty Sea Trading, to acquire and develop the Prospecting Right
The new prospecting right is located adjoining the current open cast mining activities at the Ferreira Coal Mine and on Portion 19 of the farm Witbank 262 IT.
The Company has already started mine planning work on the Prospecting Right to incorporate the adjacent block into the Ferreira Coal Mine’s existing mine plan.
A 15-hole exploration and resource confirmation drill programme has been finalised and drilling has started and the company plans to start development of the Prospecting Right once relevant approvals have been obtained.
Continental Coal chief executive officer Don Turvey said "I am very pleased to announce today’s update on our Ferreira Coal Mine, which I am sure will contribute to our future development and mining activities in the Ermelo area adding further value to our shareholder offering at a time when we are also bringing our third mine at Penumbra into production."
