The leased areas will be incorporated into pre-feasibility study (PFS) mine plan for the Buck Creek No.1 mine.
Paringa now has a total of 33,500 acres comprising 402 individual leased mineral tracts.
The coal seam targeted within the Buck Creek complex is the Western Kentucky No.9, which is said to be one of the major producers of thermal coal in the US.
The PFS for Buck Creek No.1 mine is planned to be completed during the March 2015 quarter, while the technical study for Buck Creek No.2 mine is scheduled to be completed in the September 2015 quarter.
Cash-flows from the Buck Creek No.1 mine could help the company develop the Buck Creek No.2 mine.
Paringa CEO David Gay said: "Our successful leasing program has significantly de- risked the development of the Buck Creek No.1 mine and paved the way for a substantial expansion to the PFS mine plan.
"The Buck Creek Mining Complex is truly the last remaining large – scale, undeveloped coal deposits in the Illinois Basin with direct barge access to the Ohio River market."
