Buckingham identifies gold exploration project in RI

By Peni Pedriawan

Over-The-Counter Bulletin Board (OTCBB) listed Buckingham Exploration Inc. announced on June 26 that it is currently involved in an advanced negotiation to acquire a gold exploration project in Sulawesi Indonesia, already completed initial due diligence on the project and is currently investigating the potential acquisition of a near-term coal producing asset in a nearby region.

"In addition, we have also commenced discussions with an in-country mining services company to assist in the exploration and development of mineral properties in Indonesia should we decide to proceed and enter into formal definitive agreements to acquire the properties," the company said in a statement.

The acquisition of the gold project is subject to, among other things, the completion of legal, technical and accounting due diligence to Buckingham's satisfaction. The negotiations also contemplate that any resulting transaction will be subject to Buckingham successfully raising sufficient capital to acquire and commence work on the project.

The gold project covers nearly 14,000 hectares of concession area, dominated by argillic alteration which is typical of high grade, epithermal gold deposits. The geological setting is similar to that of large, low cost gold producers in the region. Numerous artisanal miners have been operating in the area extracting gold from hydrothermal vein type mineralization.

Editing By Audy Zandri