New Age Exploration Limited announced the completion of seismic interpretation work at its Cesar Basin export thermal coal projects and the commencement of a tender program for a phased drilling program at the La Miel project.

Highlights

Seismic interpretation study has been completed for all Cesar Basin export thermal coal projects

Interpretation indicates that depth to top of target coal formation at La Miel (concession GJP-151) is between 400m and 800m

NAE has designed a phased drilling program at La Miel based upon this interpretation:
Phase 1 - To confirm existence, thickness and quality of coal seams, with 3 open holed boreholes at La Miel
Phase 2 - Subject to success of Phase 1, 4 cored and open hole boreholes with the aim of defining a JORC Inferred Resource at La Miel

Expressions of Interest for the La Miel drilling program were recently issued to shortlisted drilling contractors, with Phase 1 anticipated to commence in Q2 2012

NAE to advance the La Miel exploration program in parallel with its Terranova Stage 1 and Stage 2 Coking Coal Project.