Gulf Mines locates high grade copper potential in West Timor

By Romel S. Gurky

ASX-listed Gulf Mines Limited has located what is potentially a high grade copper discovery in an area being acquired by the company in the West Timor region, East Nusa Tenggara Province.

The company said Monday that two random samples with reported high grades of 12.43 percent and 8.7 percent copper were taken during the course of assessing the area (being a granted exploration license held by a local owner) for acquisition by Gulf. These two samples were verified by XRF Niton analysis. Copper oxide in the form of massive malachite is outcropping on the tenement in tertiary aged volcanic rocks.

The company through its wholly owned subsidiary of Gulf Copper Pty Ltd has entered into a memorandum of understanding with the Indonesian holder of the area to acquire 70 percent of the exploration license and will conduct a full exploration program of the area over the next six months.

The memorandum of understanding becomes unconditional at the option of Gulf Copper following successful exploration with the payment of the purchase price of US$500,000 by two tranches with the first on exercising the option to purchase and the second six months later.

Peter Remta, the Chairman of Gulf, commented: ?This is a significant and outstanding find as it has all the hallmarks to add to the growing arsenal of Gulf's commodity interest of manganese, gold and its existing copper tenement in the Northern Territory.

?It is Gulf's vision to develop into a mid tier resources group consisting of manganese and iron ore through its holding in Asia Minerals Corporation together with Gulf's copper, gold and coal interests.?

Editing by Reiner Simanjuntak