Coalworks Pty Ltd, a wholly owned subsidiary of Coalworks, announced it had entered into a Memorandum of Understanding with ITOCHU Minerals & Energy of Australia Pty Ltd a wholly owned subsidiary of the Japanese resources and trading conglomerate ITOCHU Corporation.

CWK has announced that the term of the MoU has been extended by mutual agreement between the parties until April 30th 2010. The MoU provides that IMEA may spend up to USD 11 million to earn 49% of the Vickery South Coal Project.

(Sourced from proactiveinvestors.com.au)