Arc Exploration delays Banten gold project development
Thursday, October 16 2008 - 06:33 AM WIB
Australian mining firm Arc Exploration Limited said on Thursday that ongoing development at the company?s Cibaliung gold project in Banten province has been further reduced pending the resolution of project funding.
?For the time being activities on site will be limited to underground maintenance and upgrading of site infrastructure in advance of the wet season. The company is continuing discussions with a number of parties to earn an interest in the project,? it said in statement.
The company has a 95% interest in the Cibaliung gold project, a high-grade ephitermal gold/silver vein system located southwest of Jakarta in Banten province. Cibaliung is expected to produce at an overall annual rate of 70,000 0z (gold equivalent). (denny)