Prosperity completes Aceh gold project due diligence

Australian miner Prosperity Resources Limited said on Friday that it has completed exploration due diligence on the Pinang-Pinang gold-copper project in Aceh.

?Initial assay results from the soil sampling are being compiled and will be released in due course,? the company said.

Prosperity, through its 90% owned Indonesian subsidiary, PT Prospindo, has signed a formal Joint Venture Agreement with PT Multi Mineral Utama (MMU). This agreement allows for the subscription for 80% of the shares in MMU by the Joint Venture holding company created under the October 2008 Cooperation Agreement with PT Dana Mitra Utama (?PT Dana?).

Work has focused on the Pala Prospect with detailed soil sampling and ground magnetic surveys being completed over a two by two kilometer area, it said. (denny)