West Wits: Toba Sejahtra continuing to progress Derewo gold project

By Romel S. Gurky

ASX-listed West Wits Mining Ltd said that its Indonesian partner PT Toba Sejahtra continued in its process of delivering all clear and clean certificates for the company?s IUP mining business license, and forestry permit for the Derewo River Gold Project in Papua Province.

West Wits said in a statement on Monday that Toba has recently reported on several meetings with high level officials in which the path to achieving clear and clean IUP certification was formulated and agreed.

?The board is optimistic of a successful outcome based on the progress which has already been made by Toba and looks forward updating shareholders in due course,? the statement said.

West Wits in October of last year entered into a new business alliance agreement for its Derewo River Gold Project with PT Tobacom Del Mandiri (TDM), a unit of the well-diversified Toba Sejahtra Group. Under the agreement, TDM will be responsible for delivering clear and clean certificates for the Derewo IUP?s and forestry permits, in addition to managing site access and security for the company and costs of that process.

Under the business alliance agreement, TDM will receive a 30 percent equity interest in PT Madinah Quarataa?in (PTMQ), the West Wits subsidiary which holds the licenses for the Derewo project. West Wits hold a 50 percent stake in the project, while another Indonesian firm PT Intan Angkasa Aviation owns the remaining 20 percent.

Editing by Reiner Simanjuntak