The 1,328ha new lease includes is adjacent to Summit’s existing Mine 14 coal leases and will increase Summit’s lease holdings increase a further 25% to 6,669ha.
Pursuant to National Instrument 43-101, Summit had issued an updated technical report for its Mine 14 project; the report excludes potential resources and reserves associated with this new lease.
The transaction is subject to customary closing conditions.
Summit intends to carry out an exploration program to identify additional resources and reserves on both its existing and recently acquired leases this year.
Upon the completion of this program, Summit intends to issue a further updated technical report.
