03/11/2011 08:05:00
Carabella Resources Limited (ASX:CLR) has announced a 53 per cent increase to the existing JORC Resource as its flagship Grosvenor West coking coal project in Queensland.
The junior coal explorer says the revised JORC Resource estimate now sits at 145.8 million tonnes and provides an improved confidence in the resource.
The measured resource has increased by 205 per cent and the indicated resource has increased by 95 per cent.
Last month the company confirmed that it had received several unsolicited expressions of interest for the Grosvenor West project and that it was working with interested parties to facilitate due diligence.
Carabella did also state at the time that there is no certainty an acceptable proposal will arise.
In the 2011 financial year Carabella Resources posted a net loss of $5.7 million.