Waseco Resources seeks financing to develop C. Kalimantan gold project
Saturday, January 17 2004 - 12:44 AM WIB
Canadian junior exploration company Waseco resources inc. said on Friday that feasibility study indicated that its Tewah alluvial gold project in Central Kalimantan has gold resources of 750,000 ounces and production cost of US$93 per ounce gold equivalent with zircon as a by-product.
In addition, said the company, the property hosted a multi-million ounce gold resource on the river terraces, which are reported to be economic at current gold prices. It said it had already identified additional 2 million ounces gold resource identified on riverbanks.
The company expected production from Tewah project could last for at least 17 years.
Waseco has 60 percent interest in the project, with option to increase interest to 80 percent.
The company said earlier it had received a number of ?bona-fide? preliminary inquiries for funding the Tewah Project. The company is seeking production financing of around US$6.5 million. (alex)