Austindo to explore new mining prospect in C. Java

Australian mining firm Austindo Resources Corporation NL announced Monday that a new exploration area under a mining authorization (Kuasa Pertambangan or KP) (Bupati Pekalongan Decree No. 545/90 of 2005) in Central Java has been granted to PT Sumber Mineral Nusantara, in which Austindo will have a significant joint venture interest.

?Pekalongan is one of several areas that Austindo?s geologist have targeted for this style of mineralisation with which Austindo has significant knowledge and expertise. Exploration at Pekalongan will start in the very near future and it is expected that targets could start to be drill tested in the second half of this year,? Austindo said in a statement.

According to the statement, the 5,618ha Pekalongan KP, which is located near to Semarang city, is prospective for low sulphidation epithermal gold/silver deposits similar to Austindo?s developing gold project at Cibaliung in Banten Province.

?Indonesia?s improved climate for investment has not gone unnoticed and international interest is growing. Our relationships and expertise place have us well placed to develop new mining opportunities and these latest steps demonstrate our ability to deliver,? Austindo?s Managing Director Ian Price commented. (Robert)