Kingsrose updates S. Sumatra gold/silver project
Wednesday, January 14 2009 - 06:59 AM WIB
The General Meeting of Shareholders to approve Kingsrose Mining Limited?s (KRM) acquisition of 85% of the advanced, high grade Way Linggo Gold/Silver mining project, located in South Sumatra, Indonesia, is to be held at 10.30 am on Wednesday 21 January 2009 at The Esplanade River Suites, 112 Melville Parade, Como, Western Australia.
The Notice of Meeting and Explanatory Statement, including an Independent Expert?s Report on the acquisition was mailed to shareholders on 19 December 2008.
The project operator, PT Natarang Mining (?PT NM?), continued to progress underground mine development at Way Linggo including installation of an Alimak raise climber and commencement of a raise between the 1020m Level and the 1065m Level. This is following the west margin (hanging wall) of the North Vein. Raise wall channel sampling confirms the high grade of the vein in this area
On 16 December 2008 the Indonesian Parliament passed a new law on mineral and coal mining. KRM is obtaining advice on the implications of the new law on PT NM?s Contract of Work (?CoW?). Considering that the new law expressly states that prior existing CoW?s will remain valid until the end of the contracts the KRM Board has no reason to expect any material changes in PT NM?s operating environment and is proceeding with this project acquisition, development and financing initiatives. (end of edited release)