Archipelago secures construction extension for N. Sulawesi gold project
Monday, April 27 2009 - 08:27 AM WIB
UK mineral exploration firm Archipelago Resources Plc said Monday that its Indonesian subsidiary PT Meares Soputan Mining was on the 20 April 2009 granted a year extension to its Construction Approval for development of the Toka Tindung Gold Project in North Sulawesi.
The Project contains a defined resource of 1.75m ounces of gold equivalent of which 1.1 million ounces is initially mineable by a series of open pits feeding a central processing plant. Production is targeted to commence in 2010 at an average annual production rate of 160,000 ounces for the first 6 years of the current 8 year Project life, it said.
?However, Archipelago is confident of increasing the resource base in view of the highly prospective nature of the ground surrounding the known deposits,? it added.
The company had been struggling for years to get approval from local governments to develop the project.
Archipelago has 85 percent stake at Toka Tindung gold project. (denny)