British exploration firm in Papua copper-gold venture

British exploration firm Williamson Minerals has acquired a 72,000 hectares copper and gold concession near the giant Freeport McMoran-operated Grasberg mine in the remote area of Papua.

According to the company?s website, it will have 95 percent control over the property through agreement with Indonesian company called PT.KKB.

The company?s website said that the concession has clear mineral trend that runs on a contiguous strike from the giant Grasberg deposit through to two main targets, the Tsinga and Mamoa prospects, as well as several other indicative targets surrounding them. Previous work had been conducted by Rio Tinto (with Freeport), as well as more recently with Williamson's associated company PT. KKB, Anglo American and an associated company of the Lundin Mining group, the company said.

The company also revealed that through its association with PT. Ekasa Rekaguna (Ekasa) it is also awaiting the granting of an upgrade to its Mining Authorisation of a copper-gold concession located just 12 kilometers west of the once substantial OK Tedi deposit located on the Papua New Guinea part of the island. (alex)