The development follows the Exploration Option and Joint Venture Agreement Mount Hillalong (EOJVA) signed by the parties on 8 August 2011.
As per the terms of the program, Rio Tinto has a 24-month period within which the company should execute the exploration.
Rio Tinto has advised AQC of a detailed drilling and seismic program that will be implemented on targets that are already identified in preparation for this drilling program.
Under the terms of the deal, the JV Commitment Period will expire on 23 August 2015. The EOJVA provides AQC with a number of options in the event that Rio Tinto exercises its option to acquire a 75% stake in the Mount Hillalong tenement.
Australian Pacific Coal is an ASX-listed company focused on the exploration and development of metallurgical and thermal coal projects.
