African explorer Walkabout Resources (ASX:WKT) formerly Nimrodel Resources has earned a 40 per cent stake in a coal project in Botswana through an earn in and exploration completed at the Takatokwane South Joint Venture.
There is scope to move to a 65 per cent mark with the completion of a Scoping Study by October 2014, where currently a Pre-Feasibility Study is underway.
Walkabout will issue the joint venture partner Triprop with 7,462,687 shares at $0.0067 per share and a cash payment of $50,000.
There is an Inferred Resource of 2.65 billion tonnes and an Indicated Resource of 533 million tonnes of thermal grade coal at Takatokwane South Project.
A Pre-Feasibility Study over the combined Takatokwane and Takatokwane South project is the subject of Phase 1 of the Takatokwane Pre-Feasibility Study to examine the viability of a 1 million tonne per annum “starter-mine” delivering coal into the South African domestic and export market.
Phase 2 will examine a large scale international export mining operation.
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