Ethan starts C. Kalimantan gold project due diligence
Thursday, October 28 2010 - 03:29 AM WIB
Due diligence commenced in August, to determine the veracity of the existing data. RC drilling has reportedly located values up to 115g/t over one metre intervals at 75 metres, with elevated values up and down hole, the company said.
The precise details of this drilling will be determined during the due diligence study currently underway. First pass appraisal of the available data suggests that this mineralisation has similarities to many other deposits widely known in the region and the company plans to complete the due diligence before undertaking any further detailed work.
In accordance with the terms of the Memorandum of Understanding, entered into on 27th August, 2010 with the vending party, Ethan has undertaken a program of due diligence. This includes both an independent geological study as well as a legal evaluation of the ownership and lease parameters.
?The company has been informed that these due diligence reports are currently being finalised and should be available within the week to Ethan for consideration. A formal statement will be released when they are received,? Ken Fitzgerald, Executive Director, Ethan Minerals said.
The Gunung Mas project lies in Central Kalimantan near the company?s Gold Tiger Project. In August, Ethan announced that the company had secured an exclusive arrangement for up to six months to undertake due diligence and negotiate a potential transaction with the vendor. (denny)