Vanguard Mining jointly develops gold, copper mine in C. Java
Friday, June 6 2014 - 12:54 AM WIB
US-based Vanguard Mining Corporation (VNMC) announced Thursday that it has signed a business cooperation agreement with PT Raksasa Metal Agung, an Indonesian company, to start a joint operation of placer gold mining in sub-district Karang Tengah, Wonogiri, Central Java, Indonesia.
The company said in a statement that, according to the agreement, it would be working with PT Raksasa to begin operation and production of gold and copper close to an ex-Dutch mining area that has high copper and gold contents, with some areas up to 27ppm. VNMC will share 60 percnt of the net profits from operations expected to occur in the next three to four months.
The initial pilot project will be on a five-hectare area with a total allotment available of more than 1,500 hectares. PT Raksasa and VNMC plan to conduct the survey work and obtain licensing for the first phase of operation in the next few weeks, the statement added.
"We are very excited about this business cooperation agreement and expect to update our shareholders with further progress around late June or early July," said Quang Le, Senior Geologist and Executive Vice Chairman of VNMC.
Agung Yudyasmara, President of PT Raksasa Metal Agung, concurred, "We are delighted to partner with VNMC in this project and strongly believe that this is the beginning of a long-term association that will greatly benefit shareholders of both companies."
Vanguard Mining Corporation, a Nevada corporation, is currently building a portfolio of mineral assets in Southeast Asia, including limestone in Vietnam and gold, copper, limestone, and manganese in Indonesia.
Editing by Reiner Simanjuntak