Tuesday, March 22, 2011

Canadian junior signs four more Indonesian coal prospects

TSX-V-listed Challenger Deep Resources Corp has entered into three separate Memorandums of Understanding which give its wholly-owned subsidiary, PT Bestindo Energy, the exclusive right, for a period of thirty days, to purchase the shares of three separate private Indonesian companies which hold various coal rights related to four separate coal projects. Each of the coal projects is 100% owned by the respective private company and all of the projects are located in the Regency of Kutai, East Kalimantan. Each of the MOU’s provide for the subsequent execution of a Conditional Share Purchase Agreement which provides for staged payments of the purchase price over a period of four months in respect of one MOU and over a period of 24 months for the other two MOU’s.

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