Canadian junior to acquire Indonesian coal properties

Toronto-based junior miner Aquarian Gold Corp. announced Thursday it has signed a Letter of Intent to acquire coal properties in the Riau coal basin of Sumatra covering approximately 52,000 hectares.

Aquarian will begin studies of the area and will follow up with a program of shallow drilling to expand and delineate extensions and repetitions of the existing coal resource. Geological reports on the property describe the potential as 'world class' and indicate the possibility of very substantial reserves of coal with low overburden and available infrastructure to a navigable tidal river.

Under the terms of the Letter of Intent, Aquarian will issue common shares to the present owners of the Bellmin group for the acquisition of these properties.

Aquarian will be commencing its due diligence immediately in respect to this acquisition and upon satisfactory results execute a final agreement, the company said.(alex)