Indo Mines completes resource estimate for Kulon Progo project

By Romel S. Gurky

ASX-listed Indo Mines Limited announced Wednesday the completion of a mineral resource estimate, reported in accordance with the requirements of the JORC Code (2012 edition) for its 70 percent owned Kulon Progo iron sands project in Yogyakarta.

A summary of the resource estimate is set out in the following table.

Block	Stratigraphy	Category	Volume	Dry Tonnes	Fe	TiO2	V2O5
			(,000 m3)	(,000 t)	(%)	(%)	(%)
Resource Block	Surface Sand	Measured	29,044	55,370	12.56	1.65	0.06
		Indicated	77,800	150,600	14.17	1.87	0.07
		Total	106,900	206,000	13.74	1.81	0.07
Mining Boundary	Surface Sand	Measured	22,015	42,079	12.37	1.62	0.06
		Indicated	67,900	131,600	14.15	1.87	0.07
		Total	89,900	173,700	13.72	1.81	0.07

The company said in a statement that the Resource Block is defined as all areas of the Resource defined within the concession by the exploration drilling at a 9 percent Total Fe cut-off. The Mining Boundary is defined as the Resource Block, minus a 200-metre buffer zone (required by Indonesian regulations) between the high tide mark and the allowed mining area boundary at a 9 percent Total Fe cut-off.

In addition, there are Resources within the concession hosted within the Gravel underlying the Surface Sand. This gravel layers also contains lower grades of Total Fe. The Resource estimate for the Gravel horizon is set out in the following table.

Block	Stratigraphy	Category	Volume	Dry Tonnes	Fe	TiO2	V2O5
			(,000 m3)	(,000 t)	(%)	(%)	(%)
Resource Block	Gravel	Indicated	188,500	327,600	7.22	0.90	0.03
Mining Boundary	Gravel	Indicated	150,300	261,900	7.23	0.90	0.03

The Resource Block is defined as all areas of the Resource defined within the concession by the exploration drilling at a 5 percent Total Fe cut-off. The Mining Boundary is defined as the Resource Block, minus a 200-metre buffer zone (required by Indonesian regulations) between the high tide mark and the allowed mining area boundary at a 5 percent Total Fe cut-off.

The resource estimate has been prepared by Brett Gunter of PT GMT Indonesia.

PT GMT Indonesia was requested by Indo Mines Limited (IML) to conduct a technical review and Resource estimation of the PT Jogja Magasa Iron (JMI) concssion area. The prospect area lies within the Daerah Istimewa Yogyakarta (DIY, Special Region of Yogyakarta), Indonesia. The Kulon Progo Project is a joint venture between Indo Mines Limited (70%) and PT Jogja Magasa Mining (JMM, 30%).

The following Resource estimate is made for the JMI CoW concession area, date stamped September 25, 2015. We believe the Resource estimate is robust and fully represents the exploration data and current geological situation within the JMI CoW concession area. The Resource estimates made are global estimates. The Resource estimates are reported in accordance with the requirements of the JORC Code (2102) edition.

Editing by Reiner Simanjuntak