Aurora Gold signs HoA to sell N. Sulawesi gold property
Monday, March 18 2002 - 03:07 AM WIB
Australian gold miner Aurora Gold Limited said on Friday that the company had signed Heads of Agreement (HoA) with a company called Archipelago Resources Limited for the sale of its interest in Toka Tindung gold project in North Sulawesi.
Aurora said in a statement that the HoA was signed in February 2002 and was scheduled for completion by the end of March 2002.
Aurora had been trying to get rid of Toka Tindung gold project due to rampant illegal mining activities n its contract of work area.
The company had earlier offered to sell Toka Tindung to Austindo Resources Corporation, but the latter turned down the offer after conducting due diligence on the project.
Aurora Gold has 85 percent share holding in the PT Meares Soputan Mining and PT Tambang Tondano Nusajaya Contracts of Work, which comprise the Toka Tindung Project, which has been occupied by illegal miners since the middle of 1999. (alex)