Gulf Mines? subsidiary finds substantial manganese deposit
Tuesday, November 12 2013 - 11:20 AM WIB
ASX-listed Gulf Mines Limited announced on Tuesday that PT Asia Mangan Grup (AMG), a subsidiary of Asia Minerals Corporation Ltd (AMC) in which Gulf is a major shareholder, has located a potentially substantial and extremely high grade manganese deposit in its West Timor operations.
As part of Asia Mangan?s regular due diligence inspecting prospective tenements, two random samples were taken and independently verified by use of XRF Niton analysis.
The reported grades of 58.81 percent and 57.65 percent manganese are the highest grades located by Asia Mangan to date. These grades are considered extremely high as surface expressions tend to be weathered and leached resulting in lesser grades than below ground deposits.
?This is great news and will certainly result in the Asia Minerals manganese becoming hotly sought by the Chinese smelter producers as they strive to reduce their production input costs with the use of higher grade manganese,? Peter Remta, Gulfs Executive Chairman, commented in a statement.
"Besides being a major shareholder in Asia Minerals, Gulf will directly benefit from this discovery through its marketing agreement with Asia Mangan,? he said.
Editing by Johannes Simbolon