Archipelago Resources updates Indonesian gold mine progress

(The following is an excerpt taken from UK-based Archipelago Resources plc Indonesian progress report released Friday).

In Sulawesi, Indonesia the Company continues to work towards its principal objective of approval to proceed with its Toka Tindung Gold Project. The Company appreciates the frustration that the current protracted delay is causing to shareholders. However the Company has no reason to change its view that under its Contracts of Work it has fully complied with all requirements of law and due process and is not aware of any reason why it should not receive the approval sought and continues to work towards achieving that goal.

It is important to note that as a result of this delay, the Company remains fully exposed to the rising gold price that continues to enhance the already very robust project economics which the Company considers is not reflected in its current share price.

Archipelago is a mining company listed on the AIM market of the London Stock Exchange. The Company?s principal activities are gold mining and exploration in Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi). (end of excerpt)