UK minnow acquires stake at W. Sulawesi mine
Tuesday, July 19 2011 - 01:50 AM WIB
UK-listed minnow Aspartus Resources plc said it has purchased for undisclosed sum 49.99% of the entire issued sharecapital of Quantum Return Enterprises Limited on 23 June 2011.
Quantum in turn owns 55% of the entire sharecapital of P.T. Isco Polman Resources, an Indonesian company which owns a mine.
The Mine has already been issued with the exploration licences for both lead ore and iron ore miningconcessions in West Sulawesi.
?We understand that further exploration and funding will berequired to assess the Mine's potential and establish any meaningful production,? the company said.
The company has also earlier announced acquisition of 49 percent of shares of a company that has signed a Sale and Purchase Agreement to acquire 80 percent shares of PT Gunung Mas Karunia Mining, which owns a coal concession in Indonesia. (alex)