Aussie firm in W. Papua copper-gold exploration venture

Australian firm Hillgrove Resources Limited said Tuesday it had closed deal to enter into copper-gold exploration venture in Bird?s Head Peninsula, West Papua, following the award of exploration license (Kuasa Pertambangan/KP) to PT.Akram Resources.

Under the deal, Indonesian subsidiary of Hillgrove will undertake exploration works and feasibility studies if justified, in return for 80 percent indirect interest in Akram.

The KP, with an area of 1,815 kms2, covered a number of mineralized area that were explored between 1986 and early 1993 and shown to contain an extensive porphyry style copper-gold and epithermal gold mineralization, it said.(alex)