Sydney, Australia, Feb 14, 2013 - (ABN Newswire) - Cuesta Coal Limited (ASX:CQC.AX - News) is pleased to announce the granting of EPC 2080 which is part of the Snake Creek Joint Venture ("Snake Creek JV") with QCI (Galilee) Pty Limited a wholly owned subsidiary of Hancock Prospecting. Adjoining EPCA 2079 remains an application (Figure 1).
Under the terms of the agreement, QCI is able to earn up to a 51% interest in the two tenements (EPC 2080 and EPCA 2079) through the expenditure of $3 million on exploration at the tenements in two stages. QCI can earn 25% interest through the staged development and expenditure of $1.5 million and a further 26% through the expenditure of a further $1.5 million.
Cuesta and QCI (Galilee) Pty Limited look forward to working collaboratively on the Joint Venture.
About Cuesta Coal Limited:
Cuesta Coal Limited (ASX:CQC.AX - News) listed on the Australian Stock Exchange on the 4th of May 2012 raising $20 million to find an aggressive 2 year exploration, mine scoping and feasibility study program on four key project areas in the Queensland Coal Basins.
Cuesta has assembled a diverse portfolio of thermal and coking coal exploration prospects within the Bowen, Surat and Galilee basins, the company's core projects are well situated geographically with over 11,000km2 of exploration ground in total.
Cuesta's balanced portfolio consists of a pipeline of projects ranging from advanced exploration requiring resource definition drilling, to conceptual opportunities requiring scout drilling. The projects are located in close proximity to current and future planned infrastructure.
Cuesta Coal Limited T: +61-2-9284-5900 F: +61-2-9284-5999 E: firstname.lastname@example.org WWW: www.cuestacoal.com.au
Cuesta Coal Limited
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