Victory West to start S. Sulawesi nickel project soon
Thursday, February 24 2011 - 05:01 AM WIB
Activities will include clearing and commencement of earthworks for initial mining area, mine roads, mine stockpile area, port haul road and port area.
The firm previously announced an 80 hole drilling program targeting an inferred JORC by the first qurter of 2011.
"It is still on target," the firm said, adding currently the drilling program has been extended to include tight spaced drilling, nominally 25m x 25m in higher grade areas that will define the initial mining areas for the DSO operation.
According to the firm, it has completed its Legal Due Diligence on the USSU Nickel Project and Oceantide Investments Pty Ltd (100% to be acquired by Victory West) has executed a formal memorandum of agreement with the local Indonesian vendors of PT Primara Utama Lestari(PUL)(Oceantide to acquire 70% equity) and are in the process of finalizing key transaction agreements (including conditional sale and purchase of shares agreement, new articles of associations and shareholders agreements) and will work expeditiously to facilitate the conversion of PT PUL into a PMA Company (foreign investor company).
The company is to hold a General Meeting of Shareholders in early April 2011 to seek the approval from shareholders for the acquisition of the 70% equity interest in the USSU Nickel project through the 100% acquisition of Oceantide, and is on track to lodge the Notice of Meeting (NOM) next week.
The NOM will also include a Solicitor?s Report from Christian Teo & Associates, the company?s Indonesian lawyers (legal report) and an Independent Geologist Report from GMT Indonesia, the company?s Indonesian geological gonsultant. (kanti)