Prufrock Partners to invest in C. Kalimantan Masuparia gold prospect

Australia-based junior resources exploration firm Prosperity Resources Limited said Thursday that Bahamas based hedge fund Prufrock Partners Ltd had agreed to provide funds of US$2 million into the Masuparia Contract of Work (CoW) in Cental Kalimantan.

Prosperity said the funds would be used for the 5,000 meter portable diamond drilling program on the Ongkang/290 Vein and Bunga Desa epithermal gold prospects that would commence in this quarter of the year.

The Masuparia concession, held by PT Pasifik Masao Mineral, covers an area of 335 square kilometers, next to the Mt Muro CoW area. Canadian firm Golden Arrow Resources Ltd is the 85 percent owner of PT Pasifik.

Prosperity through Prufrock will invest the funds into Golden Arrow. Prosperity will become a 10 percent shareholder in Golden Arrow and will have no further funding commitments to the Masuparia CoW.

According to Prosperity, Prufrock and the other Golden Arrow Resources Ltd shareholders will provide assistance and resources to seek admission to the most favorable Stock Exchange Listing via an IPO for the minimum raising of US$5 million in the near future, subject to drilling success. (Robert)