Reliance Resources receives financing from Robust Resources
Thursday, July 12 2012 - 01:53 AM WIB
Indonesian focused exploration company Reliance Resources Ltd said that it has completed the first tranche of the $1.2 million dollar financing at $0.15 per share as reported to shareholders on June 22, 2012.
Robust Resources Limited, a company listed on the Australian Securities Exchange, has invested a total of $694,144 for 4,627,627 new ordinary Reliance shares. These shares will be subject to a four month hold period from the date of closing. The placement is subject to TSX Exchange approval, Reliance said in a July 10 statement.
Headquartered in Australia , Robust Resources is an Indonesian-focused exploration and development company with a portfolio of projects in Indonesia and the Philippines . The company?s flagship Lakuwahi project located on Romang Island has a JORC mineral resource of 1.18 million ounces of gold equivalent plus base metals credits.
Robust Resources and Reliance Resources have a number of common directors and they share resources in Indonesia in order to manage their respective cost bases.
Robust Resources Managing Director Gary Lewis said Robust is particularly encouraged by the prospects for Reliance?s Tanoyan Gold project in Sulawesi, Indonesia, which currently has a NI 43-101 inferred mineral Resource of 208,000 ounces of gold (4.58mt at 1.41 g/t Au) as at March 2012.
The funding gives Reliance the capacity to significantly advance the phase two, 10,000 meter resource and exploration drilling program which is currently underway at Tanoyan.
Reliance Resources Ltd. has a portfolio of five mineral tenements covering 68,000 acres on the islands of Sulawesi and Halmahera in East Indonesia . The projects offer both exploration potential and an existing resource base. All five projects are adjacent to or along strike from operating gold mines or identified gold resources with similar geology and structural features.
Editing by Reiner Simanjuntak