In breaking news Tuesday, Weststar Resources Corp. (TSX: V.WER, Stock Forum) announced that its first series of Arctic coal licences have been approved by the Department of Indian and Northern Affairs.
The Vancouver-based company says the licences cover 267,645 acres in Nunavut and have been granted to its wholly-owned subsidiary, Canadian Sovereign Coal Corp.
Licence details include four on Fosheim Peninsula, one located at Stenkul Fiord and three located on Strathcona Fiord. An additional 13 licences remain under application.
Weststar announced last month that it has acquired an 80% interest in Hunter Exploration Group's Ellesmere Island coal licences.
"We are continuing to review the Petro Canada historic data to outline a program of surface exploration that will begin with mapping and sampling of the coal-bearing sections,” says Mitchell Adam, the company’s president, adding that "the surface exploration program is planned to start in the summer of 2009, and its objective is to define drill targets to test for coal rank and quality. In addition, the company is currently assembling all data to be complied into a national instrument 43-101 report."
Shares of Weststar Resources moved 15% higher to 11.5 cents Tuesday.
On the company’s Bullboard, shepper said: “Looks like we have the go[sic].”
While greenVV offered the following opinion: “this should add a few cents to WER share price ...[sic]”
