Prosperity increases share in Aceh gold-copper projects
Monday, June 28 2010 - 02:32 AM WIB
The conclusion of the agreements is PSP has earned 80 percent of the PT Multi Mineral Utama (MMU) exploitation IUP license through expenditure of over US$1.25 million on the Pinang Pinang Project gold-copper porphyry target in Aceh province since the project was acquired in April 2009, the company said.
By way of background, PSP earned its initial 51 percent in MMU in August 2009, and has continued to work with local authorities to convert the mining licenses and consolidate its land package in this highly prospective Aceh mineral province.
The PT Mulia Kencana Makmur (MKM) exploration IUP license is located within the same geological belt as the Pinang Pinang Project and was acquired in November 2009.
The 51 percent holding in MKM was earned through exploration expenditure of over $500,000 since acquisition. Under the terms of the share subscription agreement, PSP has also appointed two of the three directors and two of the three commissioners to the respective boards of MKM.
During the first quarter of 2010, Prosperity has conducted the first drilling at Pala in the Pinang-Pinang gold-copper project. Drilling has tested the mineralised zone at Pala at depths between 60 and 150 metres below surface. The gold and copper results from the drilling program are very encouraging with best results including;
> 22 metres @ 1.12 g/t gold and 0.40% copper from 32 metres within 66 metres @ 0.52 g/t gold and 0.18% copper in hole PNGD005
Prosperity also continues to earn in to another exploration IUP, PT Bintang Agung Mining (BAM), which is situated in the same highly prospective locality, it added. (denny)