Mining minnow acquires Indonesian gold prospect
Thursday, July 24 2008 - 11:36 PM WIB
Boca Raton, Florida-based junior explorer New Asia Gold Corp. announced Thursday that it has acquired 100% of the shares of an Indonesian gold exploration company as a result of a share exchange agreement.
The company said that that based on independent assessment reports, the proven gold reserves are 330,000 ozs of gold with a current market value of US$219 million after mining costs. Assessment of the leases will continue on an ongoing basis, the company said.
The company did not give the exact location of the project, but according to the company?s website, it had a prospect located close to the east coast of East Kalimantan province, approximately 1 hour by boat from Nunukan regency.(alex)