Stonehenge halts SE nickel project exploration on overlapping permits
Thursday, May 15 2008 - 11:36 PM WIB
Australian mineral exploration firm Stonehenge Metals Limited has totally suspended resources definition drilling programme at Mandiodo nickel project, SE Sulawesi due to overlapping permits.
The company said on Thursday it had been informed that several companies are also holding exploration permits in some of the area comprising the Mandiodo exploration permits.
The company said it was working with Indonesian advisors to clarify the matter.
Stonehenge acquired in late 2007 the right to explore the Mandiodo nickel laterite deposit. Mandiodo consists of two permits totaling 31 square kilometres.
The company has started drilling program at Mandiodo earlier this month to confirm the validity of existing drilling and allow JORC code compliant resources to be calculated.
The company has an initial exploration target for the deposit of 40-60 Mt @ 1.2 to 1.4% nickel. (alex)