Elysium discontinues Malang gold, copper project
Monday, July 31 2017 - 12:39 PM WIB
By Romel S. Gurky
ASX-listed Elysium Resources Limited (EYM) announced Monday it has decided not to renew the Malang gold and copper project in Indonesia?s East Java province as part of cost saving measures.
?The new management has decided not to renew the Malang project as part of cost saving measures and to refocus on the Burraga drilling program,? EYM said in a statement, but did not provide further details.
In August of 2013, EYM signed a Heads of Agreement (HoA) with PT Gata Sumber Daya (Gata), through its proposed subsidiary, to earn 67.5 percent of the Malang Project, by advancing the exploration efforts at the copper and gold targets.
Editing by Reiner Simanjuntak