Pancareka grants extention to WMN for due diligence

By Puspita Maylana Devi

ASX-listed Western Mining Network Limited (WMN) said on Wednesday that PT. Pancareka Utama Engineering (PUE) has granted a 60 day extension to conduct due diligence in the latter?s concession in Tanah Bumbu.

The company?s exploration activities at the site have been hampered by heavy rains during the last month.

The company in its statement said that it will continue exploration in the area to further determine the potential of the region as the weather permits.

?WMN believes that the Pancareka Exploration Licenses are strategically placed within the South Kalimantan region and have the potential to yield high value Bituminous coal,? it said.

PUE has exploration licenses for a total area of 5,149 hectares for a period of 7 years, ending 25 January 2017; and another 398.8 ha, for a period of 7 years, ending 26 January 2017. Both concessions are located in Tanah Bumbu.

Editing by Adianto P. Simamora