LOS ANGELES, CA and JAKARTA, INDONESIA--(Marketwire - Feb 19, 2013) - PHI Group, Inc., (
The technical due diligence is part of PHI Group's validation of the resources, reserves and quality of the TSA coal concessions prior to the closing the purchase of 70% equity ownership in TSA. This independent assessment by Runge aimed to result in the production of a Resource and Reserve Statement in conformance with "The Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the JORC Code," subject to the mining concessions having suitable ore potential.
A preliminary geological report by TSA has shown 71,038,925 metric tons (MT) of measured and 205,334,343 MT of indicated coal resources over an area of 9,690 hectares in West Sulawesi, Indonesia and laboratory analyses have shown Gross Calorific Value of approximately 6,200 Kcal/Kg (ADB). However, the study by Runge will provide an independent and more accurate understanding of the coal deposits at these concessions. If the due diligence results are satisfactory, PHI Group will proceed to close the purchase of TSA and continue with the mine planning before engaging an international mining contractor to manage the production and operation of the mine.
PHI Group has received indications of interest from a number of buyers in the Asia Pacific region interested in purchasing several hundred thousand MT of coal per month for power plants and other factories.
PHI Group Chairman and CEO Henry Fahman said, "We are fortunate to be associated with a number of highly respected and professional mining consulting firms in Indonesia and are especially delighted to have Runge's assistance in the technical due diligence of the TSA project."
PT Runge Indonesia is a subsidiary company of RungePincockMinarco, the world's largest independent group of mining technical experts, with history stretching back to 1968 and local expertise in all mining regions across all commodities and mining methods.
Listed on the Australian Securities Exchange (
About PHI Group
Focused on energy and natural resources, PHI Group accumulates coal assets in Indonesia, cooperates with international partners to develop power plants, and provides advanced renewable energy technologies in conjunction with select industry partners. Website: www.phigroupinc.com.
Safe Harbor: This news release contains forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.