OTTAWA: The project is located in the Elk Valley coal field and adjacent to the Crows Nest coal field. Together, these coal fields are home to five of Canada’s 23 producing coal mines.
These mines produce over 21 million tonnes per annum of export quality metallurgical and thermal coal, which is more than 70% of Canada’s annual total coal exports. Jameson had applied for this license in 2013. The area covered by the application has been moderately reduced (by less than 5%) to eliminate an overlap with adjacent private lands.
The reduction does not affect the value of the license to the project. Although there is potential for coal resource on the additional license, it was mainly acquired to provide control over an area designated in the PFS for the wash plant and a portion of the spoil pile.
An update of Crown Mountain’s 2014 pre-feasibility study (PFS) is underway, with a focus on reductions in capital and operating expenses.
The 2014 PFS had determined a total reserve base at Crown Mountain of 56 million tonnes of coal. The Crown Mountain project is currently in the pre-application phase of the Environmental Assessment process.
The updated PFS is targeted for a late Q1 2017 completion after incorporating changes in macroeconomic conditions. Jameson’s share price has increased by about 178% during the past six months, last trading at 178%.
