Salim Group raises shares in Robust

By Romel S. Gurky

Australian-listed firm Robust Resources Limited said that Droxford International Limited, a company controlled by Indonesia's Salim Group, had increased its share ownership in Robust from 9,35 percent to 10,37 percent.

The company said on Thursday that an agreement on the share increase had been signed on 19th March 2012.

Previously, it was reported in January this year that Droxford International Limited had acquired a further 5.3 million ordinary shares in Robust from Trafford Resources Limited at a price of $1.40 per share.

The company said that with the acquirement, Droxford controlled 8.172 million shares in Robust and became the company's second largest shareholder with a 9.35% shareholding.

"The Salim Group's continuing i?vestment in Robust, in addition to their 22.5% shareholding in our local Indonesian subsidiary PT GBU, is a solid vote of confidence in the company's flagship Romang Island Project and our future prospects especially following the announcement of our maiden JORC resource of 1.18 million gold equivalent ounces," Robust's Managing Director Gary Lewis said.

He added that exploration on Romang Island was ongoing, and increasing the JORC mineral resources would be a priority for the company along with project development activities, which had now commenced.

"Our drilling program in 2012 is forecast to be the most active in Robust's history and we have committed $15 million to exploration and development on Romang Island. As we have reported, there is strong evidence that the targets that we have drilled thus far represent just a small part of a much larger mineralization system within the Lakuwahi Project and that the mineralized zones tested so far remain largely open and highly prospective for further extensions and discoveries," he said.

Editing by Benget Besalicto Tnb.