Austindo drills 9 holes in Banten gold prospect in Q3

Australian listed gold explorer Austindo Resources Corporation NL said Tuesday it had completed nine diamond drill holes in its Cibaliung gold prospect, Banten during the third quarter of this year for a total of 2,180 meters.

The company said in its quarterly report the completion concluded the first phase of drilling at Cibaliung pending further surface exploration work to define new drill targets.

Negotiations are proceeding to gain access to other prospective exploration areas, Austindo said.

The company further said total expenditure for Cibaliung prospect during the quarter amounted to A$427,776.

The company said that in accordance with the terms of the joint venture agreement with International Antam Resources, a subsidiary of state miner PT Aneka Tambang Tbk which is listed in the Canadian Venture Exchange, Austindo?s interest in the Cibaliung Project increased to 70.73 percent at the end of the quarter due to sole funding of joint venture expenditure. (alex)