Under the terms of the agreement, the company will acquire the two coal concessions, subject to a satisfactory title opinion, in exchange for the issuance of 10,000,000 common shares of the company on or before October 31, 2009.
The coal within the boundaries of the concessions form a layer averaging 2.26 meters in thickness in 10 meters of water with 1.7 meters of overburden.
In March 2006, a drilling program was carried out on 30% of the coal concession. The results of this program showed total reserves of 565,000 tonnes of recoverable bituminous thermal coal.
All environmental studies have been completed on the concession, and all government and regulatory approvals are in place to proceed with production.
Denarii Resources engages in the exploration and acquisition of mineral and resource properties in North and South America.
