Hillgrove: Third party plans due diligence on RI gold, copper projects
Monday, October 30 2017 - 03:39 AM WIB
ASX-listed Hillgrove Resources Ltd said on Monday it has granted an exclusive option to a third party to conduct due diligence at its gold and copper projects in Bird?s Head in Papua Province, and on Sumba Island in East Nusa Tenggara Province.
The company said in a statement that if exercised, the third party can acquire the assets on pre-agreed terms.
?Hillgrove Resources Limited believes there is inherent value in Bird?s Head copper/gold project and the Sumba gold project,? the company said in the statement, but did not provide further details.
Hillgrove since 2016 has been trying to get investment partners for the two advanced exploration projects.
Hillgrove is an 80 percent shareholder in PT Akram Resources which holds IUP mining business 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? area.
Hillgrove is also an 80 percent shareholder in PT Fathi Resources which holds IUP n the island of Sumba. Hillgrove is responsible for the management of exploration and development activities, up to a decision to mine. The exploration and production IUP covers a 750km? area.
Editing by Reiner Simanjuntak