Waratah Coal's Alternative Infrastructure Solution Declared a Significant Project
November 27 2008 - 9:46PM
Marketwired
Waratah Coal Inc. (TSX VENTURE: WCI) (Waratah) is pleased to
announce that the Queensland Government has declared the Galilee
Coal Project (Northern Export Facility) a 'Significant Project' for
which an Environmental Impact Statement (EIS) is required.
Waratah Coal President and CEO Peter Lynch today said, "This
declaration reflects the effort and cooperation that has been
achieved between Waratah Coal and the Queensland Government to
progress an alternative infrastructure solution for the Galilee
Coal Project."
Waratah Coal's Initial Advice Statement (IAS) to the Queensland
Government describes the project involving 474km of heavy haul,
dual gauge rail line from the Galilee Basin to the Abbot Point
State Development Area (APSDA) (see Figure 1 below). The project
involves the construction of a stockyard facility, linked to a new
coal terminal incorporated as part of the Multi Cargo Facility
(MCF) to be sited at the proposed expansion of the Port of Abbot
Point.
Waratah Coal plans to open up the undeveloped thermal coal
province in the Galilee Basin, near Alpha in Central Queensland.
The proposed rail and port project will underpin the development of
a large scale mine and be open to third party users. This will free
up costly bottlenecks inhibiting Australia's coal industry.
More than 4.3 Billion tonnes of Inferred Resources of thermal
coal have been defined in Waratah Coal's tenements.
Mr. Lynch said, "The Company was further encouraged by the
announcement and consequent 'Significant Project' declaration of
the Hancock Alpha Coal Project also located in the Galilee
Basin.
"This project is also considering Abbot Point as a location for
its coal export facilities and there would appear to be reasonable
potential for development synergies," he said.
The Galilee Basin is an untapped energy province that could
provide the critical key for Queensland's growth aspirations.
Waratah Coal (WCI) is dual listed on the Toronto Stock Exchange
(TSX-V) and the Australian Securities Exchange (ASX).
Figure 1 - Proposed rail route to Abbot Point
(To view Figure 1, please view this announcement on Waratah's
website: www.waratahcoal.com)
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities in the United States. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended ("the U.S.
Securities Act") or any state securities law and may not be offered
or sold in the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws
or an exemption from such registration is available.
Cautionary language:
Except for the historical and present factual information
contained herein, the matters set forth in this news release,
including words such as "expects", "projects", "plans",
"anticipates" and similar expressions, are forward-looking
information that represents management of Waratah Coal's internal
projections, expectations or beliefs concerning, among other
things, future operating results and various components thereof or
the economic performance of Waratah Coal. The projections,
estimates and beliefs contained in such forward-looking statements
necessarily involve known and unknown risks and uncertainties,
which may cause Waratah Coal's actual performance and financial
results in future periods to differ materially from any projections
of future performance or results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
among other things, those described in Waratah Coal's filings with
the Canadian securities authorities. Accordingly, holders of
Waratah Coal shares and potential investors are cautioned that
events or circumstances could cause results to differ materially
from those predicted. Waratah Coal disclaims any responsibility to
update these forward-looking statements.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Waratah Coal Inc. Peter Lynch President and CEO +61 7
3303 0692 Website: www.waratahcoal.com
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