Fitzroy Resources extends terms of U.S. coking coal acquisition

Fitzroy Resources (ASX:FRY) has paid US$250,000 to extend its option to acquire Premier Coking Coal until 17 March 2014.

In August, Fitzroy signed an option agreement to acquire 100% of Premier Coking Coal, a US based coal exploration and development company.

The leases contain prospective coal seams that outcrop on hills within the Appalachian Basin that have a short term target to commence low capital expenditure production through the use of third party processing close to the property.

In accordance with the option agreement, Premier will use the funds to make the next option payment of US$250,000 to Emmaus Partners LLC.

Fitzroy has completed its due diligence program and is currently finalising the necessary work required to complete the transaction with Premier and will announce completion in due course.

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