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Blackwood JV

Blackwood Resources Joint Venture (AQC 10% free carried interest)

Four EPCs were joint ventured out to unlisted coal explorer, Blackwood Resources Pty Ltd in April 2010, leaving AQC with a 10% free carried interest up to feasibility study stage. Under the terms of the JV, Blackwood pays AQC $125,000 upon grant of each EPC and is required to expend at least the minimum exploration commitment with the aim to prove up a coal resource and complete a feasibility study for the project(s). Blackwood can withdraw at any time and offer the project(s) back to AQC at no cost.

The EPCs cover large areas over the Clarence-Moreton, Surat and Galilee Basin, prospective for shallow thermal coal. Any enquiry regarding the tenements should be directed to Blackwood Resources as manager of the projects.

EPC Name Status Area (km2) Location Target Coal Coal Type Depth Potential
EPC 1955 Bungaban Creek Granted 383 100km N of Miles Walloon coal measures thermal 15 to 70m 2 drilled intersection incl 6.2m coal to 61m
EPC 1957 Laguna Creek Pending 382 150km NW Clermont Galilee Basin thermal <200m drilling testing required
EPC 1979 Kingsthorpe Granted 155 15km W of Toowoomba Walloon coal measures thermal <200m drilling testing required
EPC 1987 Quondong Pending 354 50km N of Miles Taroom coal measures thermal <100m drilling testing required