Placer Dome quits S. Kalimantan gold project
Friday, September 12 2003 - 02:47 AM WIB
Australian mining company Pelsart Resources announced on Thursday that Placer Dome, its joint venture partner in Gendang Timburu gold exploration project in South Kalimantan had decided to quit the project following unsatisfactory results.
According to Pelsart the Canadian mining firm decided to quit the project after stage-2 core drilling result showed that the resource potential did not meet Placer?s resource target for further investment.
Pelsart said Placer would help to find another partner to continue the development of Gendang Timburu project.(alex)