Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2012drilling progress report▲ Good
The 15,000t Sese bulk sample is fully excavated and testwork has begun. Industrial Coal Africa is appointed marketing manager, rail export trials to Maputo are due in April, and feasibility studies are on schedule for end of 2012. Completes the bulk sample thread.
2 Feb 2012resource reserve update▲ GoodMajor
Over 95% of the Sese resource is upgraded to Indicated: 2,626Mt total, of which about 2.5bn t is Indicated. This delivers the Q4 2011 upgrade goal, though the total is below the earlier 2.73bn t, with more conservative geological loss factors used. Measured Resource still due Q2 2012.
30 Jan 2012drilling progress report▲ Good
Excavation of the Sese bulk sample box-cut is nearly complete, with about 15,000t of coal to be stockpiled. A first 60t batch has been trucked to Witbank, South Africa for air-separation washing tests. This continues the bulk sample begun in November 2011.
10 Nov 2011drilling progress report▲ Good
Excavation of the 10,000t Sese bulk sample has started in a box-cut, 320m long and 35m deep, designed to become a mining ramp. Coal will be used for export, power-station, washing and coal-to-liquids tests. Completion expected Q1 2012.
9 Sept 2011drilling progress report▲ Good
Drilling has started to support a Measured Resource in northern Block-B and part of Block-C: 98 core holes on a 500m grid, with five rigs working. Indicated upgrade stays on track for Q4 2011; Measured Resource due Q2 2012. Indicated drilling finished in August.
8 June 2011drilling result▲ GoodMajor
Six uranium reconnaissance holes at Sese West hit coal 7-30m thick, 2-17km south of the Sese deposit. The licence covers uranium only, and the coal-rights amendment is frozen by the Botswana moratorium until about September. Company suggests coal may span roughly 500 sq km, still unproven.
19 May 2011resource reserve update▲ GoodMajor
Maiden Sese coal resource of 2.73bn tonnes, above the 1.5-2.0bn t Exploration Target: 500Mt Indicated (Block-B) and 2,230Mt Inferred. Lower seam, 62% of total, can be washed to export quality (up to 5,420 kcal/kg). Full Indicated upgrade expected July-September quarter.
12 May 2011resource reserve update▼ Bad
Maiden Sese resource estimate is delayed by slow South African lab results, now expected mid-to-late May. Block-B infill drilling may allow part of it to be classed Indicated. A further slip from the late-April timing previously given.
14 Mar 2011drilling result▲ GoodMajor
Sese inferred-resource drilling is finished; Block-B averages 14.8m of coal at 40m depth, with coal continuous over about 110 sq km. The company commits to about 90 infill holes (three months) for an Indicated resource, plus a 10,000t trial-pit bulk sample. Inferred resource still due April.
22 Feb 2011drilling result▲ Good
Block-B drilling at Sese finds coal averaging 15m thick at 38m depth over about 21 sq km. With Blocks A and C, continuous coal now spans about 110 sq km. Inferred resource still expected April 2011.
14 Dec 2010drilling result▲ GoodMajor
Block-C coal now covers about 70 sq km, with the main seam averaging 11m at 52m depth. The company says extent exceeds Exploration Target assumptions. Block-B drilling starts 10 January; inferred resource still expected end Q1 2011.
1 Dec 2010drilling result▲ Good
Block-C drilling at Sese finds coal averaging 10m thick at 45m depth across about 20 sq km of the eastern part, in line with the Exploration Target assumptions. Western Block-C and Block-B are untested; inferred resource still due end Q1 2011.
16 Nov 2010drilling result▲ Good
More Block-A drilling lifts average coal seam thickness to 16.3m at 44.6m depth over about 22 sq km. Coffey Mining retained to independently supervise the resource estimate, still due Q1 2011. Block-C drilling follows.
3 Nov 2010drilling result▲ GoodMajor
First Sese resource drilling in Block A: 23 holes show coal averaging 14.5m thick at 39m depth over 7km by 3km, beyond the Exploration Target outline. More rigs added. Inferred resource still due Q1 2011; Sese licence renewed two years.
15 Oct 2010drilling scheduled▲ GoodMajor
Sese coal resource drilling starts 18 October: about 40 core holes at 2km spacing plus 90 RC holes to infill a 1km grid, to test the 1.0-1.5bn tonne Exploration Target. Inferred resource estimate expected in Q1 2011. Revises the 29 September plan.
29 Sept 2010drilling scheduled● Neutral
Resource definition drilling at Sese coal to start mid-October: about 100 diamond holes at 1km spacing, with resource estimation expected in the first quarter of 2011. Later superseded by the revised design in the 15 October announcement.
22 Sept 2010resource reserve update▲ GoodMajor
Sese coal Exploration Target of 1.0-1.5 billion tonnes of 4,000-5,000 kcal/kg raw coal, which is conceptual and not a JORC resource. Multiple expressions of interest received for a 10-20% stake. Resource drilling is being prepared, about US$1m.
9 Sept 2010drilling result▲ GoodMajor
First coal quality results at Sese: raw coal averages about 9m thick, 19 MJ/kg, 27% ash and 1.8% sulphur. Seams run over 30km strike. The company is seeking a cornerstone partner; an initial resource still needs more drilling. Resolves the earlier open question on coal quality.
31 Aug 2010drilling result▲ Good
RC drilling at Chisebuka (Kariba Valley JV, 30% earned) extended uranium mineralisation 800m along strike, to over 2km total. Best of first 10 holes: 4m @ 424ppm eU3O8 (hole CHI039 from 45m... see table). Assays for 17 holes still pending.
27 July 2010drilling result▲ GoodMajor
More Sese drilling found coal seams up to 25m thick, now over an inferred strike of more than 30km. Diamond core drilling has started for quality testing, and a new coal prospecting licence application is lodged. Extends the June coal discovery.
30 June 2010drilling result▲ GoodMajor
Uranium drilling at Sese unexpectedly hit near-surface coal, with seams averaging 11.7m (up to 16m) in 21 holes over an area up to 6.5km by 5km. Coal quality is unknown and more drilling is underway. This is a new, non-uranium thread.
27 May 2010drilling spud● Neutral
A 7,500m reverse circulation drilling programme has started at the wholly owned Sese project in Botswana, expected to take up to ten weeks. It tests untested uranium targets and includes 50-hole infill drilling at the Gojwane discovery.
19 May 2010drilling result▲ Good
Soil sampling at Chisebuka, in the Kariba Valley JV (30% earned), found uranium anomalies up to 2km long, with outcrop up to 754ppm eU3O8. Drilling is due to start in June 2010 and follows 2007 drilling that hit 7m @ 465ppm.
25 Mar 2010drilling scheduled▲ GoodMajor
Board approves a 2010 programme of 21,000m of drilling across Sese, Chirundu, Kariba Valley, Aldershot and Sitwe. Budget is US$3.7m, with US$2.4m for direct exploration. Cash was US$5.1m at end February.
20 Jan 2010resource reserve update▲ GoodMajor
Njame South Inferred Resource revised to 4.4Mt @ 250ppm U3O8, 2.4Mlb (from 2.3Mlb). Chirundu total becomes 11.1Mlb. Siamboka and Namakande assays also released. Cash is stated as A$6m after the late-2009 placement.
15 Dec 2009drilling result● Neutral
Assays for another 55 Gojwane holes (Sese, Botswana) show widespread but modest uranium, best 2m @ 716ppm. Spacing is too broad to judge size. The company is assessing infill drilling for a resource estimate in the first half of 2010, continuing earlier results.
10 Dec 2009drilling result▲ Good
Soil sampling at Sitwe, in the wholly owned Northern Luangwa project, defines a uranium anomaly over more than 8km, with outcrop up to 124ppm eU3O8. Reconnaissance drilling is planned for the second quarter of 2010, after the wet season.
9 Dec 2009farm in farm out completion▲ GoodMajor
The company has met its A$1.0m funding milestone and earned a 30% interest in the Kariba Valley JV with Albidon. It can reach 70% by funding a prefeasibility study on an Indicated Resource. Issued shares now 284.7m, up from 254.8m.
25 Nov 2009drilling result▲ Good
Remaining Njame South assays and 7 infill holes confirm continuity, with best results 5m @ 690ppm U3O8. The 2.3Mlb Inferred Resource will be updated, and part may be upgraded to Indicated.
18 Nov 2009resource reserve update▲ GoodMajor
First Inferred Resource for Njame South: 4.4Mt @ 237ppm U3O8, 2.3Mlb. Chirundu JV total rises from 7.4Mlb (Measured and Indicated) to 11Mlb. The company says it may extend the proposed mine life by up to two years.
