Austindo identifies explorations prospects in C. Java gold tenement
Wednesday, December 7 2005 - 12:12 AM WIB
Australian gold miner Austindo Resources Corporation announced on Wednesday it had identified several geo-chemical anomalies following first stage of exploration in Pekalongan gold prospect in Central Java. The company said the anomalies had been defined as exploration prospects.
Austindo has joint venture interest in the project with local firm PT. Sumber Mineral Nusantara.
The tenement was granted in May 2005, covering an area of 5,600 hectares.
?The next stage of exploration is now underway with detailed mapping being carried on each of the prospective areas. Targets identified by this work will then be assessed for possible drilling in 2006,? said the company.
Austindo is currently developing a gold mine in Cibaliung, Banten province, which will commence production in 2006 with annualized production of 70,000 ounces. The company, together with Anglo American Group is also exploring for porphyry copper/gold deposits in Papua. (alex)