3D Resources to explore for manganese in West Timor

Australia-listed firm 3D Resources Ltd. announced Monday that it has progressed plans to acquire additional projects by signing a Memorandum of Understanding with an Indonesian group that has Manganese, Iron Ore and Coal interests throughout Indonesia/West Timor.

Under the MoU 3D Resources will have complete access to the group?s Manganese exploration and mining interests and will select those areas of interest to formalise joint ventures to explore and develop several projects.

Further agreements may be completed to access other projects including Coal and Iron Ore in due course, it said.

3D expects to initiate a detailed review of the group?s exploration and mining licenses in West Timor and Flores over the next two months, as well as the Manganese trading activities presently undertaken by the group.

Under the MOU which has been executed, 3D shall have the right to select any or all of 6 current exploration and mining permits for joint venture and shall be entitled to earn a 65% interest by funding subsequent exploration and mining.

The company has also held preliminary discussions with the Indonesian group in respect to some of their Coal projects, which are at various stages of development.(kanti)