Augur completes acquisition of Gorontalo copper, gold tenements

By Romel S. Gurky

ASX-listed Augur Resources Ltd said Wednesday that it has completed the acquisition of an 80 percent interest in four highly prospective copper and gold tenements in Gorontalo, Indonesia, from MMG Exploration Pty Ltd (MMG) through the acquisition of shares in two MMG Singapore subsidiaries which own the companies that hold the mineral tenements.

Augur said in a statement that following the completion of all corporate requirements to affect the transfer of shares in the two Singaporean companies to its subsidiary, Augur has paid MMG the additional cash consideration of A$150,000.

Upon completion of a bankable feasibility study on any of the tenements being acquired MMG must elect to either:

(a) contribute towards expenditure of the subsidiary company holding title to the relevant tenement in proportion to its remaining 20 percent interest; or
(b) convert the remaining interest to a 2 percent net smelter royalty based on all production from the tenements.

The four projects: Toluludu, Biyonga, Tapadaa and Tahele, collectively referred to as the ?Gorontalo Properties? are located in northern Sulawesi, near the city of Gorontalo. Each of the project areas contain zones of alteration and mineralization indicative of copper-gold porphyry and/or related epithermal-type gold and silver and skarn-type mineralization. Exploration periods are extendable to 2018.

Exploration work has commenced on the Toluludu property.

Editing by Reiner Simanjuntak