Hillgrove in talks with investors to develop RI gold, copper projects
Monday, August 25 2014 - 02:11 AM WIB
Australian mining firm Hillgrove Resources Ltd said it has continued to pursue joint venture and investment interest into its advanced stage exploration gold and copper projects in Bird?s Head in West Papua Province and Sumba Island in East Nusa Tenggara Province.
?There is continued interest in the projects from major exploration and investment groups,? the company said in a statement Monday, adding that despite a previously announced reduced activity on Indonesian projects, the company continues to maintain care and maintenance teams at its advanced exploration projects at Bird's Head and Sumba Island.
The company further explained that there are several parties continuing to express their interest in a potential joint venture for the Indonesian projects. This includes major exploration companies and private investment groups, including direct investment from within Indonesia. Hillgrove is continuing to work with these groups, including providing access under confidentiality to the exploration database.
?With the status of the two projects in advanced exploration stage, the recent ban on mining exports does not have a direct impact on the value or the potential progress of the next stage works. Local landholder relationships are being maintained at the projects,? Hillgrove said.
Hillgrove is an 80 percent shareholder in PT. Akram Resources which holds IUP mining permit No 40/2010 in the Bird?s Head region of West Papua. Hillgrove is responsible for the management of exploration and development activities up to a decision to mine. The IUP covers 992.3km? and is valid until March 2017.
Hillgrove is also an 80 percent shareholder in PT Fathi Resources which holds IUP 322 on the island of Sumba. Hillgrove is responsible for the management of exploration and development activities, up to a decision to mine. The IUP Explorasi (Exploration and Mining Business License) covers 750km? and is valid until December 2016.
Editing by Reiner Simanjuntak