Richfield to present budget, program for C. Sulawesi molybdenum project

ASX-listed electronics distributor Richfield Group Limited said on Thursday it would present work program and budget next week to the Toli-Toli regency administration in Central Sulawesi for Toli-Toli molybdenum project.

The company also said it has acquired new generation high resolution radar imagery over a total area of 822 kms and associated orthorectified imagery (ORI?s) and digital surface models (DSM?s), which is used for geographic information system (GIS) database, including past drilling and geological data for the project.

In February this year, the company announced that it had decided to proceed with the acquisition of Toli-Toli molybdenum project. It said the acquisition is subject to the completion of detailed legal agreements and finalization of all government registration.

The company said in December 2007 that it would acquire 75 percent shares of Victory West Pty. Ltd., a company having right to exploration and exploitation of molybdenum in Indonesia.

Victory West through its Indonesian subsidiaries had acquired five exploration-mining leases where previous exploration works had been carried out by Rio Tinto with expenditure of US$20.5 million. (denny)