The Ashford Coal project is located in northern New South Wales, encompassing eight square kilometres of the Ashford Coal Measures, the site of the previous Ashford Colliery that shut in 1990.
Renison subsidiary, Renison Bell Holdings, was awarded the tenement in April this year for five years. The tenement covers known coal measures at the minesite and an undrilled area to the west of the colliery.
The company has also applied for an additional exploration permit covering potential extension to the coal seam.
Under the terms of the farm-in agreement Poltech must spend A$1 million within two years of exploration and can earn a further 25% interest by completing a bankable feasibility study.
Based on the proposed capital raisings by Poltech, Renison expects to receive between 8.2 million and 10.6 million Poltech shares.
Currently suspended, Poltech will be raising between $2 million and $4 million at an issue price of 20c a share, once reinstated to the Australian Stock Exchange by the end of January 2005.
Poltech has appointed a new board and management including Renisons’ chairman Dr Chris Rawlings as non executive chairman and Keith Barker, both of whom were senior executives with QCT Resources prior to its takeover by BHP Billiton and Mitsubishi. Renison’s managing director Richard Seville also joins the Poltech board as a non-executive director.
Once the capital raising is complete Keith Barker will assume the role of chief executive. Barker is currently an industry policy advisor with the Queensland Resources Council, after working with QCT for 12 years.
