Challenger Deep Resources Corp.
TSX VENTURE : CDE

Challenger Deep Resources Corp.

December 12, 2011 07:30 ET

Challenger Announces Tabang Project Progress Update

CALGARY, ALBERTA--(Marketwire - Dec. 12, 2011) - Challenger Deep Resources Corp. ("Challenger" or the "Company") (TSX VENTURE:CDE) is pleased to provide an operations progress update on its ATRP property, part of Challenger's Tabang Project located in East Kalimantan, Indonesia.

Following the issuance of the IUP Exploration permit for the ATRP property, Challenger completed a drill program producing results (news release dated September 13, 2011) which have encouraged the Company to initiate the steps required to obtain an IUP Operation Producing (Mining) permit for the property.

Fundamental requirements for the mining permit application by the Company include the preparation of both feasibility and environmental impact studies,both of which have now commenced.

PT Integral Multi Talenta, a Mines Department of Kutai Kartenegara region approved consultant, has been engaged to prepare the environmental impact study. Challenger's mining consultants, PT Bestindo Kwadratama have been engaged and are preparing the Feasibility Study.

In addition, as part of the process to bring the ATRP property into production, a 300 ha area has been targeted for initial mining. The area is presently being detail mapped and sampled in order to optimize the reserve delineation drill program. 120 ha of this detail mapping and sampling has been completed to date.

Challenger's Tabang Project presently comprises four properties, the ATRP property and the Pelangi property, both of which are under Conditional Sales and Purchase Agreements, and two other properties under MOU for acquisition. Challenger is reviewing additional acquisition candidates within its overall Tabang Project area.

The Qualified Person (as defined by NI 43-101) responsible for the review and approval of the technical material presented in this news release is Mr. Andre Talaska, a director of PT Bestindo Energy, a wholly owned subsidiary of Challenger.

About Challenger

Challenger Deep Resources Corp. is an exploration company focused on the Indonesian coal industry. Challenger's business plan is to acquire, explore and to bring its viable coal projects into production. Challenger has an experienced Indonesian exploration and mining team with offices in Calgary, Singapore and Jakarta.

CAUTIONARY STATEMENT

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

READER ADVISORY

Statements in this press release may contain forward-looking information including, statements regarding expected exploration activities and property related agreements and permits. Any statements that are contained in this press release that are not statements of historical fact may bedeemed to be forward-looking statements. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Challenger. Factors that could cause the actual results to differ materially from those in forward-looking statements include, granting of exploration permits, surface access, mining and other licenses from Indonesian regulatory authorities, preliminary exploration results, the continued availability of capital and financing, and general economic, market or business conditions in North America and in the Asia Pacific region. The reader is cautioned not to place undue reliance on any forward-looking information. There can be no assurance that the proposed exploration programs in Indonesia or other project acquisitions will be completed or, if completed, will be successful.

The forward-looking statements contained in this press release are made as of the date of this press release, and Challenger does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release

Contact Information

  • Challenger Deep Resources Corp.
    Ranjeet Sundher
    President
    +65-6220-7745

    Challenger Deep Resources Corp.
    Kirk Gamley
    Investor Relations
    604-689-7422

    Challenger Deep Resources Corp.
    Mas Kobuchi
    Investor Relations
    604-689-7422
    www.challengerdeep.ca