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Market: ASX
Sector: General Mining
EPIC: CAP
Latest Price: A$0.30  (0,00%)
52-week High: A$0.51
52-week Low: A$0.18
Market Cap: A$29.26M
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Carpentaria Exploration
www.carpentariaex.com.au

Carpentaria Exploration (ASX: CAP) is an exploration company focused on discovering base, precious metals and bulk commodities in eastern Australia. The company currently has interests in iron ore, tin, gold, copper and coal exploration projects. Discoveries to date include: Hawsons Iron Project - NSW and the Euriowie Tin Project - NSW.

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Carpentaria Exploration updates agreement over Hughenden Coal Project

22nd Feb 2010, 8:59 am

Exploration company Carpentaria Exploration (ASX:CAP) has updated an agreement with privately owned The Chairmen 1 over its Hughenden Coal Project in Queensland’s Galilee Basin, finalising the previously announced Term Sheet.

This agreement expands Carpentaria’s Galilee Basin coal tenement exposure with the injection of tenements by The Chairmen 1.

Under the agreement, The Chairmen 1 has acquired an 80 per cent stake in Carpentaria’s wholly owned subsidiary FTB. Carpentaria has received an upfront payment of $300,000 and The Chairmen 1 will manage and fund exploration through to definition of an Inferred Resource, for a maximum expenditure of up to $2 million.

Carpentaria Chairman Nick Sheard said the company was delighted that this agreement with The Chairmen 1 expanded Carpentaria’s Galilee tenement position and brings their considerable expertise and experience in coal exploration, development and operations.

"The Galilee Basin has been the focus of major coal export deals in recent weeks, and today’s agreement increases Carpentaria’s interest to 11,350 square kilometres of exploration applications and licences, giving the company greater exposure to the potential discovery of a thermal coal deposit," Mr Sheard said.

Carpentaria is an exploration company focused on discovering base, precious metals and bulk commodities in eastern Australia.

The company holds 100% owned tenements in NSW and Queensland and also has a number of farm-in deals. Most tenements have known mineralised systems and are being explored using modern, efficient technologies. The company currently has interests in iron ore, tin, gold, copper and coal exploration projects/

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