Archipelago to update gold reserve statement of Toka Tindung mine

By Ruli Setiawan

London-listed Archipelago Resources Plc said that it would announce an updated gold Resource and Reserve Statement of its North Sulawesi Toka Tindung mine in the first quarter this year following the recent drilling results from the Jipang prospect.

The company would also announce its 2012 production results on 23 January 2013.

As of 31 December 2012, Archipelago said that it has drilled 581 holes totalling 82,391m as part of its targeted near site exploration campaign.

In addition to a number of results published during 2012, encouraging drill intersections can also be reported for the Jipang prospect (81 holes for 10,069m), which is located approximately 3km south of the main Toka Tindung pit. Commenting on the drill results, Marcus Engelbrecht, Managing Director and CEO, said:

"The significant drill intercepts encountered at Jipang, combined with similar results reported throughout 2012, further demonstrate the prospectivity of Toka Tindung. We expect our drilling success to continue, with the on-going discovery of high grade ore supporting expectations for a material increase to our economically defined gold reserve and mine life."

Editing by Adianto P. Simamora