Barisan Gold completes extension of exploration licenses
Thursday, February 21 2013 - 02:07 AM WIB
Barisan Gold Corporation said that its majority-owned Indonesian subsidiary, PT Gayo Mineral Resources (Gayo), has received an extension to its IUP exploration permit. The IUP has been extended until March 5, 2015.
"This, combined with the two IUPs extended in December 2012, completes the IUP extension process for all our exploration licenses in Indonesia," the company said in a statement issued Wednesday.
The Gayo IUP is 80 percent owned by Barisan Gold and is solely operated by the company. The IUP contains the Upper Tengkereng, Lower Tengkereng, Upper Ise-Ise and Sekeulen gold-copper porphyry prospects. Gayo continues to work with local government authorities seeking forestry borrow-use permits, which would allow it to resume drilling at Upper Tengkereng and other gold-copper porphyries.
Late last year, Barisan Gold stated that two of its majority-owned Indonesian subsidiaries, PT Linge Mineral Resources and PT Takengon Mineral Resources, have received extensions to their IUP exploration permits until December 28, 2014.
The Linge IUP is 80 percent owned by Barisan Gold, containing the Abong gold deposit which at a 0.4g/t gold cut-off has an estimated an NI 43-101 compliant inferred resource of 8.5 million tonnes of 1.49g/t gold and 10.7 g/t silver, containing 405,000 ounces of gold and 2.9 million ounces of silver.
The Takengon IUP is 75 percent owned by Barisan Gold, containing the Collins epithermal gold prospect as well as the Semelit, West Semelit and Tanga gold-copper porphyry prospects. Barisan Gold stated it has begun exploratory drilling at the Collins epithermal gold prospect.
Editing by Reiner Simanjuntak