Richfield to start drilling at Sulawesi molybdenum project

Perth-based mineral explorer Richfield Group Limited said on Thursday it would start initial drilling at Toli-Toli molybdenum, Central Sulawesi in July 2007 following presentation of work program and budget to the Toli-Toli regency government on Wednesday.

According to the company, the program would include data acquisition, GIS data entry, setting up a field office and camp, mapping, chemical and rock sampling, gridding and trenching and an initial drilling program of 2,500 meters.

The company also said that it was finalizing capital injection of US$2-3 million with its major shareholders.

The company said in December 2007 announcement 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.(alex/denny)