Prosperity ups stake at Aceh gold-copper prospect

Australian mineral prospector Prosperity Resources Limited announced on Wednesday the finalisation of a Share Subscription Agreement by its Indonesian subsidiary PT Prosperity Surya Persada (PT PSP).

The Agreement registers PT PSP?s latest equity interest in a key project license in Aceh Province, which was converted to an IUP under Indonesia?s new mining laws in April 2010.

PT PSP has earned 51 % of the Bintang Agung Mining exploration IUP license through the expenditure of over USD500, 000 over the period since acquisition in October 2009. Under the terms of the Share Subscription Agreement, PT PSP has also appointed two of the three directors and two of the three commissioners to the respective boards of BAM. (alex)