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Greymouth – New Zealand
Mining Permit PMP50100 (Greymouth) in the West Coast
coal region of New Zealand’s South Island was
awarded to Macdonald Investments Ltd (MIL) in July 2007
and covers 170km². By way of a two-stage farmin
process Comet (through its merger with Chartwell) is
earning a 50% interest in PMP50100.
Stage 1 has been completed earning Comet Ridge a 20%
interest and operatorship. This program consisted of
seismic acquisition and drilling two core holes. Stage
2 (spend of NZ$6.2m) is underway and involves further
seismic (already completed), two additional core holes
and a three-well production pilot scheme. This phase
will take Comet Ridge’s interest to 50% with an
option to increase to 60%.

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