VANCOUVER, BC -- 09/05/08 --
Longview Capital Partners Incorporated (TSX: LV) (FRANKFURT: L6V) wished to bring to the market's attention that two
coal exploration licences owned by Linc Energy near Waratah Coal's Galilee
Basin project have been sold for Aus$1.5 billion. This has enormous
implications for Waratah's Galilee Basin project, which hosts a much larger
and more defined coal deposit.
The comparable project, Linc Energy's Teresa coal exploration licences,
were announced on September 5, 2008 as being purchased by Xinwen Mining
Group Ltd. of China. Xinwen currently produces 35 million tonnes of coal
per year and hosts coal reserves in China reported in excess of 30 billion
tonnes. The Teresa coal licences are reported to host an "exploration
target" of 400-500 million tonnes of coal, based on 22 drill holes. This
target occurs within the same coal basin that hosts Waratah Coal's reported
4.3 billion tonnes of Inferred Coal Resources, based on over 80 drill holes
and compliant with NI 43-101. Waratah also reports an additional
"exploration target" at its Galilee Project for 675-840 million tonnes of
coal, itself larger than that of the Teresa licences.
On a relative basis, Waratah's Galilee Project contains 8 times the coal,
at a higher classification of resource, than that of the Teresa licences.
The Teresa coal target occurs at a depth of 95 to 155 metres and Waratah
Coal's Galilee deposits outcrop at surface, and dip to depths of less than
200 metres. Longview Capital also notes that Waratah Coal has 56.4 million
shares outstanding and had a cash balance of $43.6 million and no debt as
of June 30, 2008. Waratah Coal trades on the TSX-V under the symbol WCI
and has recently appointed ABN AMRO Morgans as sponsoring broker for a dual
Australian Stock Exchange Listing. See Waratah Coal's website at
www.waratahcoal.com for further information.
Note that "exploration targets" are compiled under JORC or CIM standards
and the potential quality and quantity are conceptual in nature with
insufficient exploration to define a Mineral Resource and that it is
uncertain if further exploration will result in the determination of a
Mineral Resource. Please refer to Linc Energy's press release of July 29,
2008 (www.lincenergy.com.au) and Waratah Coal's press release of June 24,
2008 (www.waratahcoal.com).
About Longview Capital Partners
Longview Capital Partners is an investment company creating long-term
shareholder value by capitalizing on early stage opportunities in the
natural resource sector, and having the resultant earnings growth
recognized in its share price. Longview Capital Partners first began
trading on September 5, 2005 and graduated to the TSX senior Exchange on
September 24, 2007 under the same symbol "LV".
Statements in this news release, other than purely historical information,
including statements relating to the Company's future plans and objectives
or expected results, constitute Forward-looking statements. Such statements
are based on numerous assumptions and are subject to all the risks and
uncertainties inherent in the Company's business, including risks related
to mineral exploration and development. Consequently, actual results may
vary materially from those described in the forward-looking statements.
Distributed by Filing Services Canada and retransmitted by Marketwire
For more information on Longview Capital Partners Incorporated,
please contact:
Investor Relations
(604) 681-5755
website: www.longviewcp.com
