ALBERTA – Altitude Resources and Elan Coal of Calgary and Kuro Coal of Perth, Australia, have formed a joint venture for the development of the Elan coking coal project north of Crowsnest Pass. Kuro can earn a 70% interest in the project by taking it through the bankable feasibility study stage. Altitude and Elan will own 12.5% and 17.5%, respectively.
Less than a month ago Altitude and Elan entered into an option agreement whereby Altitude had the opportunity to earn a 51% interest in the Elan project for an investment of $15 million.
The Elan low volatile coal deposit has a strike length of roughly 50 km. It contains indicated resources of 62.12 million tonnes and inferred resources of 84.72 million tonnes. Altitude says the exploration target is 740 million tonnes.
Further information is available at AltitudeResources.ca.