Ancan Resources PLC
ANCAN RESOURCES PLC IN NEGOTIATIONS WITH WORLD TRADING COLUMBIA
Ancan Resources PLC / Agreement 03.12.2009 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Ancan Resources PLC, WKN: A0MP04, Frankfurt Stock Exchange: LTZ is pleased to announce that the company is in negotiations with WORLD TRADING COLOMBIA C.I. LTDA (WTC) of Bogata Colombia to purchase titles in a large coal property in Colombia. The 1159 hectare property identified as KKO-09151 is an open pit surface mine with estimated reserves of 18 million tons with a minimum market price of $ 65 US dollars per ton, if fully exploited could yield 1.1 billion US dollars. The property is located in an excellent coal producing area located between Codazzi and Becerril which is on the north of the Drummond explorations of El Descanso Norte region. The grade of coal is thermal with a btu of 11,700 and a ash content of 5.32%. Further drilling exploration budgets will be considered by the company on the negotiations of the property along with engineering studies by a qualified geologist. Colombia is the world's tenth largest producer of hard coals and the sixth largest exporter of coal. In 2006 it was estimated that Colombia would mine 64 million tonnes of thermal coal, of which approximately 60 million tonnes was for the international export trade. The U.S. Geological Survey states that Colombia is the largest coal producer in South America and has the largest reserves in the region. It also states that coal mining for export is booming in Colombia, with production having increased by 80% since 1999. The majority of Colombia's coal exports are shipped to European markets due to shorter distances and lower freight costs compared to the rapidly growing Asian markets. Colombia is considered to be a low-cost producer with its coal highly sought after due to its low sulfur content. Colombia's coal production will continue to increase in the future, the Colombian government has estimated that the country's coal production could reach 102 Mmst by 2010. Ancan Resources Management is very excited to work with WTC to finalize the agreement and exploit the full potential of the coal rich asset. Disclaimer: This release may contain certain 'forward-looking statements' with respect to the managements objectives and expectations relating to its future financial condition, performance, results, strategy and objectives. These forward-looking statements involve certain risk and uncertainty because they relate to future events and circumstances which are beyond the companies' control including among other things; 1) UK domestic and global economic and business conditions, market related risks, and the performance of financial markets generally; 2) the policies and actions of regulatory authorities, the impact of competition, inflation, and deflation; 3) the timing, impact and other uncertainties of future acquisitions or combinations within relevant industries; 4) and the impact of changes in capital, solvency or accounting standards, and tax and other legislation and regulations in the jurisdictions in which Ancan Resources PLC operates. Ancan Resources PLC undertakes no obligation to update the forward-looking statements contained in this section or any other forward-looking statements it may make. Copyright (c) 2009 Ancan Resources PLC. All rights reserved. Ancan Resources PLC Investor Relations Department UK: + 44 (0) 203 0262815 New York:1-212-419-0430 03.12.2009 Financial News distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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