Austindo obtains new concession in W. Nusa Tenggara

Australian mining firm Austindo Resources Limited announced on Wednesday that it has obtained a new concession in West Nusa Tenggara.

The concession, known as Bima, has been granted under a mining permit (KP) scheme to Austindo's joint venture partner PT Sumber Mineral Nusantara, it said.

?The Bima KP lies on a segment of the highly prospective Sunda-Banda Magmatic Arc, which is host to the Batu Hijau porphyry copper-gold deposit, located in west Sumbawa.

The new KP area is prospective for high-grade epithermal gold-silver and bulk tonnage porphyry-style gold-base metal deposits,? it said.

The KP covers an area of 24,980 ha in East Sumbawa regency.

The company will undertake regional mapping and drainage sampling in the first twelve months of the KP permit to identify prospects for detailed exploration and evaluation.

?The granting of the new Bima KP is an excellent example of Austindo?s renewed focus on exploration with the objective of discovering and proving up high-grade bulk gold-base metal resources?, Austindo?s Managing Director John Carlile said.

Austindo has a 95 percent interest in the joint venture with Sumber Mineral Nusantara holding the remaining 5 percent.

Austindo has announced that it will change its name into Arc Exploration Limited. (denny)