Jameson is conducting a feasibility study on the basin coal mine, to reopen it once they have exercised their option to purchase 100% of compliance’s interest in the mine located near Princeton in British Columbia. A new NI 43-101 resource report for Basin has been recently received by Jameson, which is prepared by ReseourceEye Services.
According to the report the Basin mine comprised a total resource of 117.4Mt of bituminous thermal coal, which included 82.3 Mt measured/indicated and 35.1Mt inferred at cut off stripping ratio of 8:1. The approval to restart the mine and processing operations are expected to be completed within 12 months.
During December 2008, NWPC had entered into an option to purchase 100% of Compliance’s interest in the basin coal mine for a consideration of $8.25m. During February 2009, the company received an option payment of $1,000,000 and 7,407,408 shares in Jameson.
