Robust invests in Reliance Resources
Thursday, July 5 2012 - 03:06 AM WIB
ASX-listed Robust Resources Limited recently announced it has invested US$694,144 in TSX listed Reliance Resources Limited for the issue of 4,627,627 New Ordinary Reliance shares at 15 cents per share and represents a 4% undiluted interest in Reliance.
Reliance Resources is an Indonesian focused exploration company with projects on the Islands of Sutawesi and Halmahera covering 68,000 hectares.
Reliance?s flagship project, the Tanoyan Gold Project on Sulawesi, Indonesia, has a NI 43-101 Inferred Mineral Resource of 208,000 ounces of gold (4.58mt at 1.41 g/t Au) as of March 2012.
"While Robust?s main priority is to advance its Romang Island Project, the company continues to assess acquisition and equity investment opportunities that strengthen the company?s portfolio and exposure to the South East Asian resources market. The Board is confident that an investment in Reliance represents one such opportunity," Robust sai in an official statement submitted to the ASX.
Editing by Er Audy Zandri