Altitude Resources: JOGMEC to Proceed With Second Farm-In Milestone at Palisades Coal Project

February 25, 2016

Responsive image

Altitude Resources (TSXV:ALI) announced that Japan Oil, Gas and Metals National Corporation (JOGMEC) has agreed to proceed with its second farm-in milestone on Altitude’s Palisades coking coal project.

As quoted in the press release:

Upon completion of the second farm-in exploration program, JOGMEC will have earned a 31.875% interest in the project. JOGMEC can then earn up to a 51% interest in the Palisades Coal Project over the course of the next two exploration seasons (2016/17). The Palisades Project is located approximately 40 kilometres northwest of Hinton, Alberta. The Palisades property is in close proximity to CN rail’s mainline which services the Grande Cache mine to the northwest.

Altitude president and CEO, Gene Wusaty, said:

We are very pleased to continue our partnership with an internationally recognized resource investor like JOGMEC. Proceeding with the 2nd farm-in of the joint venture will continue to provide the Palisades project access to ongoing development funding in 2016.

Coal Report small  

Get Our Expert Guide to Coal Investing FREE!


Download this FREE Special Report, 

The post appeared first on .

Category: General