Vista Gold prepares funds for Awak Mas gold deposit acquisition
Saturday, May 14 2005 - 02:45 AM WIB
Colorado-based mining company Vista Gold Corp. said Friday it had transferred US$1.2 million to an escrow account to be placed in trust for the acquisition of Awak Mas gold deposit located in South Sulawesi.
Vista said the funds will be released to the vendors upon completion of the final transaction documents.
The Awak Mas gold project, which is held by PT Masmindo Eka Sakti under a Contract of Work with the government, contains a measured/indicated resource of 1.656 million ounces of gold and a 259,000 ounce inferred gold resource.
A feasibility study supported mining some 3 million metric tons of ore annually. (Robert)