Aquarian makes option payment for Riau coal properties

Toronto-based exploration firm Aquarian Gold Corp. announced Wednesday it has made the option payment of $350,000 due under the Option Agreement over Indonesian coal properties in the Riau coal basin of Sumatra covering 54,000 hectares.

The company expects to exercise the option imminently, it said. Under the agreement, the company will have the right within 90 days to acquire Riau coal properties for a share consideration equivalent to C$10 million upon option payment.

"The company's intention upon exercising the option is to move immediately to a drill program in order to prove up a high-tonnage near-surface resource of coal," Aquarian said.(alex)