Aquarian Gold agrees to $10 million acquisition of Riau coal properties

Canadian junior miner Aquarian Gold Corp has entered into an option agreement whereby for an option payment of $350,000 it will have the right within 90 days to acquire coal properties in the Riau coal basin of Sumatra covering 52,000 hectares for a share consideration equivalent to $10 million.

?The Board of Directors considers this an important strategic move by Aquarian into a growing and stable business sector,? Aquarian said in a statement on Friday

Aquarian also said it would begin a program of shallow drilling to expand the existing coal resource on its property to prove up a high-tonnage near-surface resource. (Robert)