Western Mining completes due diligence on Persada gold tenement

By Puspita Maylana Devi

ASX-listed Western Mining Network Limited reported that the due diligence work on PT Persada Bumi Rawas (PBR) and its 100 percent interest in a gold exploration license in Central Sulawesi has been completed.

With the completion of the due diligence, Western Mining said in a statement received Thursday that it would proceed with the planned acquisition of an 80 percent ownership in Persada.

?The Share Subscription Agreement to acquire 80 percent of the issued shares in PBR which directly holds a 100 percent interest in the Persada Tenement is currently being finalised and will be executed in due course,? the company said.

The Persada Tenement holds clean and clear status with 8 year tenure expiring on August 12, 2016, covering an area of 5,000 ha in the Buol Regency of Central Sulawesi and is considered to be prospective for gold, according to the company as stated in its earlier statement issued Wednesday.

Editing by Reiner Simanjuntak