Prosperity raises interest in Aceh gold-copper project
Wednesday, March 14 2012 - 01:59 AM WIB
Australian-listed firm Prosperity Resources said it had increased its equity interest in two key project licenses of gold and copper in Aceh Province through its 81%-owned subsidiary PT Prosperity Surya Persada (PT PSP).
The company said in a press statement on Tuesday that the licenses were converted from KP5 to IUPs in April 2010.
PT PSP earned 80% of the BAM exploration IUP license through the expenditure of over US$1,250,000 on the highly prospective Pelumat gold-copper porphyry target since the project was acquired in October 2009, and which has resulted in the current drilling program as announced to the ASX on 12 March 2012.
PT PSP earned its initial 51% in BAM in November 2010 and has continued to work with local communities to implement its work programs in the highly prospective Aceh mineral province.
The MKM exploration IUP license is located within the same geological belt, and was acquired in November 2009. The MKM license is located immediately to the south of the BAM license and hosts the highly prospective Mutiara gold-copper porphyry target. PT PSP earned 80% through the expenditure of over US$1,250,000 since acquisition. PT PSP moved to 51% ownership of MKM in June 2010.
Editing by Benget Besalicto Tnb.