The company is growing its stake in the Wongai Coking Coal project in North Queensland through a farm-in agreement bringing this experience to development of the project.
Bounty will conduct the work on Wongai using contractors and consultants under the control of the company’s small executive team with support from the board of directors.
Ongoing investor funding will be sourced through Garrison Capital and others to fund the above work and administration of the company.
The Wongai Coking Coal Project is a unique resource of high quality hard coking coal that is shallow and located less than 15km from the coast in tropical North Queensland. The project offers an opportunity to develop a high quality hard coking coal resource in a new geological basin.
It has high quality coking coal properties valued in the manufacture of steel. This is a major resource that could support a medium scale underground coal mining project with a long life/low capital/low operating cost mining operation.