Golden Valley fails attract partner for E. Java gold prospect

Australian gold explorer Golden Valley Mines NL said Friday thus far it was unable to attract new joint venture partner for its Bukit Hijau gold exploration project in East Java despite discussions with a number of parties.

The company said in a statement it was making sure that all minimum expenditure requirements for the calendar year ending December 2001 were met, thus ensuring that the Bukit Hijau exploration properties remain in good standing with the Indonesian authorities.

In the absence of new join venture partner, said the statement, the company had moved to minimize the ongoing holding costs associated with the project.

The Company said it would continue its efforts to attract an external partner for the project but it acknowledge that these efforts would remain difficult given the current political and business climate in Indonesia. (alex)