Augur receives resources estimate at Jampang project
Friday, January 13 2012 - 08:55 AM WIB
Java-focused, Australia-based mineral miner Augur Resources Ltd. has received an independent maiden inferred resource estimate for the Central Jampang gold project in Java.
The estimate came at a time when the company is in the process of negotiation with PT Golden Pricindo Indah, the owner of the Jampang project, to revise the terms of the call option the two had earlier agreed, under which Augur will pay US$9 million in return for a 90% stake in Golden by January 2012 if it is satisfied after conducting a due diligence.
Augur is seeking a substantial revision of the terms, including an extension of the terms of the call option. With the company now also focusing on the Wonogiri project, if the ongoing negotiation fails to satisfy Augur, ?the option agreement will be allowed to lapse,? it said in a media statement.
In the meantime, according to the independent resource estimate, submitted by Computer Aided Geoscience Pty Ltd, the resource at the Jampang project is estimated as an Inferred Resource of 5.5 Mt at 0.91 g/t gold, 2.8 g/t silver and 0.14% copper which contains an estimated 161,000 ounces of gold, 494,000 ounces of silver and 7,800 tons of copper.
Editing by Dadan Wijaksana