Power Group Online Article |  | |
7 September 2006 -- Toronto, Canada-based Aquarian Gold Corp. has signed a Letter of Intent to acquire Indonesian coal properties in the Riau coal basin of Sumatra covering approximately 52,000 hectares.
Aquarian will begin studies of the area and will follow up with a program of shallow drilling to expand and delineate extensions and repetitions of the existing coal resource. Aquarian says geological reports on the property describe the potential as 'world class' and indicate the possibility of very substantial reserves of coal with low overburden and available infrastructure to a navigable tidal river.
The three main Sumatran coal basins have been significant producers of coal for over a century and contain the bulk of Indonesia's known coal resources. Aquarian points to studies, including one commissioned for this project, as evidence to a growing demand from the Chinese power generating industry for Indonesian coal.
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