3D Resources updates West Timor manganese projects

The following is an edited excerpt from 3D Resources Ltd quarterly report released on Friday.

Corporate Activity
During the past quarter 3D Resources Limited has continued to cautiously advance its acquisition of West Timor Manganese projects with further test work and Due Diligence (Technical/geological and Legal) conducted on several projects. The Company is continuing to assess and advance the opportunities it has developed from its contact network established in this region and is deliberately proceeding in a cautious manner to avoid disappointment. Projects failing to meet strict investment criteria have been discontinued. The Company intends to continue its focus on Indonesia particularly Manganese production and Coal exploration and expand its project base within this region.

West Timor Projects
The Company is methodically testing each Manganese opportunity it has under MOU in West Timor to ensure only quality opportunities are pursued which are technically, legally and economically suitable. To build a Manganese business in West Timor the Company believes that it needs several suitable manganese projects which are proximate and of sufficient size but negotiating with multiple owners has proven more-timely than was initially expected.

The Company is also reviewing several Kalimantan Coal opportunities that has been presented with and management is in advanced discussions to acquire effective control of one high quality thermal coal project located in Southern Kalimantan. That project has already undergone extensive drilling and also has very good access and infrastructure available to it. Discussions are aimed at taking over management and development of the project so that the Company would avoid any large upfront investment but would still be entitled to all revenue less an agreed royalty. Discussions are subject to Due Diligence (Technical, geological, legal and economical) which will effectively relate to verification of existing drill data together with a minimal drill campaign and completion of legal reviews and economic modelling. In the event this project proceeds the Company will examine an appropriate holding structure to ensure it is able to raise necessary funding. (end of edited excerpt)