Robust renegotiates final payment for Romang Project

By Romel S. Gurky

ASX-listed Robust Resources Limited has confirmed that it has re-negotiated the final payment for consideration of the Romang Island project in Maluku province, payable under the 2011 Stock Purchase Agreement (SPA), which was firstly announced on 27th April 2010.

Under the terms of the SPA, a contingent payment of A$ 2 million was due to be paid to the original vendors when the Company reported a JORC-compliant mineral resource of 1 Moz Au Eq in the Indicated or Measured category.

Based on the strong exploration results recently reported for Romang Island, Robust expects to shortly announce a likely resource upgrade, which would have triggered this payment. As such, the Company has taken the initiative to negotiate a reduced final payment of A$1.6 million prior to this milestone occurring. This represents an A$ 400,000 saving for the Company.

Considerable value continues to be unlocked at the company's flagship Romang Island project with high-grade precious and base metal assay results reported. This demonstrates that the project continues to exhibit strong upside potential and, following the completion of the current drilling program, Robust expects to report an upgraded JORC-compliant resource. Exploration remains ongoing with seven rigs currently operating on the island.

Robust has also confirmed that the manganese feasibility study is progressing well and will be published before year-end.

Editing by Benget Besalicto ST