Golden Valley quits Java gold exploration

Australian listed gold prospector Golden Valley Mines Limited announced Monday that it had completed the withdrawal from exploration activities in Indonesia after failing to attract partner for its Java gold project, according to the company?s statement.

Earlier, the company said that 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.

Beside Batu Hijau gold project, Golden Valley has also 80 percent stake in Limbung gold project in West Java.

The company, however, did not disclose whether or not it had given back its exploration right to the government or transferred it to other party. (alex)