AMC Consultants completes technical study on Toka Tindung gold project
Tuesday, March 15 2005 - 11:48 AM WIB
UK-based mining company Archipelago Resources Plc said Tuesday that AMC Consultants had completed Technical Due Diligence Study of the Toka Tindung gold project in North Sulawesi.
Archipelago said the work was commissioned by an Australian banking group as part of the due diligence process required for the provision of a loan facility to finance the construction of mining facilities in the project.
The Toka Tindung Gold Project has a resource of 1.75M oz of gold equivalent of which at least 0.9M oz will initially be mineable by open pit. Production is targeted at 160,000 oz per annum for an initial 6 year mine life commencing in mid 2006.
Archipelago owns 85 percent of the Toka Tindung project. (Robert)