Finders divests Ojolali gold, silver project to local partner
Monday, October 31 2016 - 01:18 AM WIB
ASX-listed Finders Resources Ltd said on Monday that it had in late August of this year divested the Ojolali gold and silver project in Lampung Province, Indonesia, with the tenements returned to the local partner.
?It was decided, following a thorough audit of exploration progress to date, that company funds would be better utilized in the continuing development of the the Wetar Copper Project,? Finders said in a statement, referring to its copper project in Maluku Province, where the company is expanding its copper cathode production plant.
The Ojolali Project is an advanced gold-silver prospect in Lampung Province of southern Sumatra covering a 13 sq km system with numerous shoots. Ojolali lies within the highly productive Sumatran Gold Belt, which includes the Martarbe (+3.7 moz), Lebong Donok (1.5 moz), Lebong Tandai (1.3 moz), Pongkor (3 moz), Cibalung (0.4 moz) and Way Linggo deposits (0.25 moz).
The Exploration License (IUP B.24/DPE WK/HK/2014) expired on March 11, 2015. The company has applied for a Mining License (IUP Exploitation). If approved, the Mining License will have a tenure of 20 years.
The company is an Indonesia-focused operator with its two key projects being the Wetar Copper Project (72% interest) and the Ojolali Gold-Silver Project (72% interest).
Editing by Reiner Simanjuntak