www.reyresources.com
Rey Resources (ASX: REY) is thermal coal development company with a large resource and major land position of 8,000km2 in the emerging Canning Basin of Western Australia. A Pre Feasibility Study on the firm’s maiden 511Mt JORC resource at Duchess Paradise was completed in January 2010 and revealed a 2Mtpa highwall mining export thermal coal operation, commencing production in 2013, to be financially robust. Capital costs are estimated at A$113 million and operating costs at A$60/t FOBT Derby, where Rey has its own port and loading facility. A major exploration program in 2010 over 100kms of subcrop will seek to extend the 8 year life of the proposed operation and add new resources.
Rey Resources chairman Charlie Lenegan acquires shares in company
Rey Resources (ASX: REY) chairman Charlie Lenegan acquired 100,000 shares at $0.14 per share in an on market purchase on 16th September.
Lenegan purchased the shares indirectly for a consideration of $14,000 through Promoss Holdings Pty Ltd as trustee for the Lenrho Superannuation Fund.
On September 20 drilling by Rey Resources confirmed the strike extent of the coal outcrop for two kilometres to the north, beyond the coal reserves in the existing mine plan at its Duchess Paradise thermal coal export project.
The presence of the continuous shallow coal occurrences potentially extends the proposed mine life at the project in the Canning Basin, Western Australia, boosting the proposed above ground slot mining from the current plan of 10 years to about 13-14 years.
