Caledon Resources PLC (AIM & ASX: CDN) reported that year to date sales from the Cook mine are now running ahead of the previous guidance of a minimum of 400,000 tons for 2009 and are now forecast to be in the range of 450,000-500,000 tons.
Caledon issued a production update for the second quarter to end-June, saying raw coal production at Cook was in line with the corresponding period in 2008 however saleable coal production was slightly higher due to washing raw coal on hand at the end of March 2009.
Cook produced 129,000 tons in the quarter, up from 127,000 tons a year earlier. In the year to date, raw coal production increased to 303,000 tons from 222,000 in the comparative period last year.
As announced in April 2009, the company is carrying out an infill drilling program at the adjacent Minyango project. The focus of this program is to improve the knowledge of coal quality, Resource definition, and gas content and drainage characteristics.
Five holes were drilled during the quarter for a total of 1,312 metres. Composite samples from these holes are being prepared for coke testing with the results expected to be available late in the third quarter. A total of A$819,000 was spent on Minyango during April to June.
A strategic review for which Caledon has engaged RBC Capital Markets is ongoing and the company is currently involved in discussions with a number of parties. Shareholders are advised to take no action at this time. Any further announcement will be made as soon as appropriate, Caledon added.
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