West Wits to start airstrip development
Saturday, August 3 2013 - 01:19 AM WIB
ASX-listed firm West Wits Mining Limited said on Friday that following substantial completion of a new road, the company?s front end loader has now reached the identified site for the airstrip and commenced clearing work.
The construction of airstrip should be completed over the next 4 to 5 weeks.
Following completion of the airstrip development of water infrastructure and storage facilities for the hydraulic alluvial circuit will begin.
"This is a key piece of infrastructure for the development of the Derewo River Gold Project is situated on the Derewo River within the central mountains of the Papua Province," the company said in the statement.
West Wits currently owns a 50% interest in the alluvial gold project and 50% of the exploration rights for the hard rock source of the alluvials, which will increase to 80% on $2 million being spent on exploration.
The Derewo River Gold Project is owned through its local Indonesian subsidiary PT Madinah Qurrata'ain (PTMQ) with local partners the Suhari family of Makassar.
The project consists of one granted 40ha mining licence, an application for a further 491ha mining license, a granted exploration license of 86,000ha and two further exploration applications encompassing 43,000ha. PTMQ has also executed a Landowners Agreement with the local indigenous Wolami People which was one of the first of its kind in Papua Province.
Editing by Adianto P. Simamora