Corizon maintains interest at Agam
Wednesday, August 1 2012 - 09:12 AM WIB
ASX-listed Coziron Resources recently stated to maintain its interest in the Agam Iron Sands project, Sumatra.
The company said in its second quarter report that the board is currently considering alternatives for the project, including further works as recommended by the consultant geologist.
As previously reported, the company executed a heads of agreement of a joint venture in 2008 with PT Galian Endapan Buana to develop the Agam Iron Sand Project in West Sumara.
It subsequently entered into a formal cooperation agreement in September 2008 in which subsidiary PT Coziron Copper International was granted an 80% interest in the Project including the mining rights attached to the Project.
Corizon undertook an initial exploration program to identify the mineralised iron sand layers at the Project, engaging an independent consultant to complete a geological assessment of the project which found that further geological work would be required to identify the most prospective area of the project.
In 2009, Corizon put further development of the project on hold pending fund raising.
Following the recent recapitalization, a review and evaluation of the project to determine the requirements for ongoing exploration and development has been commenced.
Editing by Er Audy Zandri