Indo Mines completes aircore drilling at Yogyakarta ironsands project
Tuesday, July 25 2006 - 07:15 AM WIB
Australian firm Indo Mines Limited announced Tuesday the completion of a 14,468-meter aircore drilling program at its ironsands project in Kulon Progo near Yogyakarta.
Indo Mines said it expected an Inferred/Indicated/Measured JORC Code Compliant Resource Statement for the area to be completed in August that will enable it to continue with bankable feasibility study stage.
According to Indo Mines, subject to a positive feasibility study outcome, the Yogyakarta ironsands deposit will be used as the basis for the establishment of a liquid iron (pig iron) making facility to provide feedstock for major regional steel producers.
The program is being funded by Indo Mines as part of its earn-in requirement to acquire a 70 percent interest in the project. The company?s partner, PT Jogja Magasa Mining, will retain a 30 percent interest in the project. (denny)