ORT Limited sells interest in Awak Mas gold project
Friday, May 27 2005 - 04:31 AM WIB
Australian company ORT Limited announced Friday it had settled the sale of its 1/3 interest in the Awak Mas gold project in South Sulawesi to Denver-based gold explorer Vista Gold Corporation.
ORT said in a statement that after full repayment of a loan owing to JCI Limited and after costs of the sale transaction, net proceeds to ORT Limited is approximately $249,000.
ORT holds a 33 1/3 percent interest in the Awak Mas gold project, with the other 66 2/3 percent interest held by JCI Limited. ORT and JCI have signed an Option Agreement to sell the project to Vista Gold for a price of US$1,500,000.
The Awak Mas, which is held by PT Masmindo Eka Sakti under a Contract of Work with the government, contains a measured/indicated resource of 1.656 million ounces of gold and a 259,000 ounce inferred gold resource.
A feasibility study supported mining some 3 million metric tons of ore annually. (Robert)