Austindo seeks to acquire gold projects

Australian gold miner Austindo Resources Corporation NL said Wednesday it intended to capitalize on its Indonesian capabilities and was actively seeking new gold projects to add to its portfolio.

“Austindo’s initiative to acquire additional project areas in Indonesia is at an advanced stage and a number of targets are under consideration,” the company said in its quarterly report.

Austindo’s development focus in Indonesia is the Cibaliung Gold Project which is controlled through its 82.25 percent-owned joint venture company PT Cibaliung Sumberdaya. State-owned diversified miner PT Aneka Tambang has the remaining 17.75 percent stake in the project.

Austindo is in the process of completing its Bankable Feasibility Study in the project which is expected to be completed by mid 2004.

Cibaliung is located in Banten Province in the Pandeglang Kabupaten (Regency) near the western tip of the island of Java 150km south west of Jakarta. (robert)