BRMS secures exploration permit extension

IDX-listed PT Bumi Resources Minerals Tbk (BRMS) announced that its 80% owned subsidiary, PT Gorontalo Minerals has obtained a two-year extension of the Borrow & Use Exploration permit for its Gorontalo's Copper & Gold Project.

The permit will allow Gorontalo, the operator of the copper and gold concession in Sulawesi, to finalize the ongoing feasibility study, said the company in the statement on Wednesday.

Late last year, Gorontalo reported significant resource estimates of 292 million tons of ores, with the average grades of 0.5% (copper) and 0.47 g/t (gold) from its Sungai Mak and Cabang Kiri sites.

The JORC standardized resource estimates were completed by the SRK Consulting (Australasia) Pty Ltd of Australia in August 2012.

Suseno Kramadibrata, the CEO of BRMS, said,"The extension of the Borrow & Use Exploration permit is one step closer toward Gorontalo's commercial production. We believe that when monetized, Gorontalo would add significant value to our Company."

Currently, BRMS owns 80% stake in Gorontalo. This leaves PT Aneka Tambang Tbk, the joint partner, with the remaining 20% stake.

Editing by Adianto P. Simamora