Austindo interest in Cibaliung rises to 67.14 percent

Austindo Resources Corporation NL, which is listed on the Australian Stock Exchange, said it had increased its interest in the Cibaliung gold project in West Java to 67.14 percent from 63 percent following its sole funding of the project, which is co-owned by the company and International Antam Resources Limited (IAR).

IAR, which is listed on the Canadian Stock Exchange, is owned by state mining company PT Aneka Tambang, while Austindo Resources is 42.47 percent owned by Indonesian mining group Austindo, controlled by the Tahidja family.

Austindo Resources said in a statement the joint venture had spent A$700,512 in the first quarter of the year for further explorations in the Cibaliung project.

The joint venture drilled 12 holes with a total depth of 2,921 meters in the period, bringing the total holes drilled by in the contract area to 35 with the total depth of 9,660 meters.

It said it had identified a high-grade core in the Cibitung shoot of the contract area with up to 16.20 grams per ten of gold content. (Bodega)