Drilling program, commenced in the second quarter of 2012 includes a total of 77 holes, both slim diameter and large diameter drilling.

The current phase will focus on drilling out of the southern open-pit area and is expected to be completed in the third quarter of 2012.

In 2013, a third phase of resource drilling for 47 holes is planned to upgrade the inferred andindicated resources within the northern open pit area to the Measured category.

The Berenice-Cygnus coking coal project has 1.32 billion tons of gross coking coal measured with around 7.9 million tons of that already indicated and inferred.

The project is in close proximity to a railway located 30km from a rail siding inked to Maputo and Richards Bay ports.

Uinversal said the project’s environmental risk assessment has been completed and both the geohydrological survey and geotechnical studies are now well advanced.

Renewal of the Berenice prospecting right has been granted for an additional three years and Section 11 transfer of the Cygnus project from Solar Spectrum to Universal Coal Development 5 has also been granted.