Vanguard Mining reports progress on C. Java gold project
Saturday, September 6 2014 - 03:19 AM WIB
US-based Vanguard Mining Corporation (VNMC) said Friday that its Indonesian partner PT Raksasa Metal Agung has been working on the licensing and permitting procedures for the joint operation gold and copper mining project in Karang Tengah District, Wonogiri Regency, Central Java Province. The company expects to complete all the requirements within the month of September 2014.
VNMC said that according to PT Raksasa estimates, it will take about three months after securing the required licensing and permitting to begin operation and production at this location.
A recent survey reported highly favorable laboratory analysis results from the prospective mining area in Wonogiri Regency, with copper content of over 14 percent, silver at 17.50 ppm and gold 9.20 ppm.
On another note, for the 8,100-hectare gold concession with PT Cendrawasih International in Mandailing Natal, North Sumatra, Indonesia, the company said it intends to conduct a staged exploration program to obtain a JORC-compliant feasibility report before going into operation and production.
VNMC believes this joint operation project in Wonogiri will be the first one in Indonesia to generate revenues and cash flows for the company in the near term, followed by the 3,500-hectare gypsum and limestone concession in Nusa Tenggara Timur, Indonesia. These are in addition to the supply of construction and reclamation sands to Singapore, which is also expected to yield sustainable revenues and profitability for the Company. VNMC anticipates providing further concrete financial guidance in the next few weeks.
Editing by Reiner Simanjuntak