Austindo announces increased resources at Banten gold project

ASX-listed gold explorer Austindo Resources Limited on Monday announced that the company?s new resources estimation of 610,200 equivalent gold ounces for its Cibaliung gold project in Banten province, which reflected 31 percent increase than last year?s estimate.

The new estimate was the result of additional infill and extension drilling, comprising 14 new drill holes, completed in early 2003.

The company?s 2002 pre-feasibility study (PFS) showed that project's economics might be improved through increased resources and that further exploration was required.

?Work is now proceeding on the revised PFS using the newly estimated resources as the basis of a new mining plan and revision of the project's costs. This work should be completed by June 2003 and will enable the Board of Directors to make a decision on whether to proceed to full feasibility study,? Austindo said in a statement.

The Cibaliung Gold Project is located in the Province of Banten in west Java, approximately 150 kilometers south west of Jakarta. Austindo?s joint venture partner in the project is International Antam Resources Ltd, a majority owned subsidiary of the state mining company PT Aneka Tambang. Austindo presently holds a 74 percent interest in the joint venture. (alex)