US minnow quits Lampung gold project
Saturday, February 14 2009 - 12:51 AM WIB
Nevada-based mining minnow Apolo Gold & Energy Inc. reported on Friday that it has quit a gold project in Lampung province.
The company said it had terminated agreement and returned the property in June 2008 to the owned.
On April 16, 2002, the company announced the acquisition of the mining rights to a property known as the Napal Gold Property. This property is located 48 km south-west of Bandar Lampung, Sumatra. The property consists of 733.9 hectares and possesses a Production Permit.
The terms of the Napal Gold Property call for a total payment of US$375,000. ?The company paid $250,000 over the past 5 years and subsequent to the year ending June 30, 2008 the company terminated its agreement on the NUP property and returned all exploration rights to the owner,? it said.(alex)