Austindo sees revised PFS on Cibaliung gold project completed mid-2003

ASX-listed gold explorer Austindo Resources Corporation Limited expects revised pre-feasibility study on its Cibaliung gold project in Banten province to be completed by mid-2003

?By year?s end significant progress had been made in the exploration program and review of the project parameters and with the recent increase in gold price resulted in a decision to prepare an updated pre-feasibility study. This is expected to be completed by mid 2003,? said the company in annual report published Friday. Thus far, the company had identified two new prospects within Cibaliung project.

The company?s earlier pre-feasibility study released in August last year concluded that the project would not, in the form then assessed, meet the company?s economic hurdles but did identify a number of areas where further work could provide improved project economics. These included increasing the size of the resource, improving metallurgical recovery and reducing the capital and operating costs.

Austindo has 74 percent stake in the project, while state miner PT. Aneka Tambang Tbk?s subsidiary International Antam Resources has the remaining 26 percent. (alex)