Challenger Deep Resources Corp. (TSXV:CDE) is pleased to announce that it has signed an Exclusivity Agreement to mine and market coal from the KEM coal project in Central Kalimantan, Indonesia.
As quoted in the press release:
The Exclusivity Agreement with CV Kara Elmas Madenleri (“KEM”) gives Challenger the exclusive right, for a period of sixty days, to conduct due diligence on the KEM coal project and to enter into a Mining Operation – Production Agreement for the project. The Mining Operation – Production Agreement will give Challenger full control of all coal production and marketing within the KEM project area.
Challenger’s President and CEO, Ranjeet Sunder, said:
The KEM Project gives us the potential to generate near-term cash flow which will provide funding for our Tabang Project development and will enable us to capitalize on other high-quality opportunities, while minimizing dilution to our shareholders during these difficult capital markets.