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Waratah Coal

Friday, December 21st, 2007

Waratah Coal Inc advises it has been granted two (2) new exploration permits known as EPC 1058 (Fairlight) and EPC 1059 (Cooktown) in the Laura Basin in Queensland, Australia.
The Laura Basin is one of Mesozoic stratigraphy on the eastern side of Cape York peninsula. It forms a broad synclinal depression of Jurassic and Cretaceous sediments trending NNW. These sediments unconformably overlie an uneven basement of folded Palaeozoic sediments and granites.
Coal occurrences are common in the lower Dalrymple Sandstone. Within the Laura Basin known coking coal resources have been identified at Bathurst Range (G6-G8 with a CSN of 7-9) in the Bathurst Seam in amounts greater than 50 Mt (seam thickness >1.5 m).
Past exploration of the area has been relatively poor and reviews of historic data including geological, geophysical, and drilling programs indicate that the areas within the present lease have good potential for the discovery of export coking coal deposits.
The two EPCs cover areas that show pronounced gravity lows that indicate the existence of coal bearing sequences. The main prospective target is the Jurassic Dalrymple sandstone formation which will be tested for coal-bearing horizon.
Target areas in each EPC have been identified and regions of approximately 25 sq. Km in each respective EPC have been identified for the initial exploratory program. Almost no previous exploration drilling has occurred in these prospective areas.
Scout exploration programs are planned for each EPC respectively and initially some 30 drill holes have been strategically positioned to begin to test the extent of potential coal deposits. Where relevant, a number of the coal seam intersections will be cored for analysis Barlow Jonker report that the average price of Australian Hard Coking Coal exports to Europe (per quarter) was USD 110.58 / Mt in the second quarter of 2007 and they forecast this to rise to USD 116 / Mt for the first quarter of 2008.
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