Govt expected to soon approve AMDAL for Toko Tindung gold project

London Stock Exchange-listed miner Archipelago Resources plc is hopeful that State Minister for the Environment will soon approve its environmental AMDAL document following the recent ratification of the decision of the legislative council of North Minahasa regency in North Sulawesi to support its gold mine project in Toko Tindung in the regency.

The company said in a statement Friday that it hoped that representatives of the North Minahasa legislative council would soon deliver a copy of the decree on the its support to the Toko Tindung gold mine project to the State Minister for the Environment.

"As all technical aspects of the project has already been accepted by the State Ministry for the Environment, the company hopes that the decree will enable the minister to approve the company's environmental AMDAL document," it said in the statement.

The company said that the local legislative council had issued a decree on December 06 to support the Toka Tindung project which has a defined resource of 1.7m ounces (oz) gold equivalent of which 0.9m oz will initially be mineable by open pit.

The company said it would keep shareholders apprised of progress and looks forward to AMDAL approval. "It is hoped that once approval is forthcoming, there will be significant investor interest in the company given its near production status, unhedged position and robust economics at the current gold price," it added.

Archipelago has 85 percent share in the Toka Tindung Gold project. (denny)