Western Mining: Persada acquisition receives BKPM approval
Tuesday, July 29 2014 - 12:45 AM WIB
ASX-listed Western Mining Network limited (WMN) announced Monday that it has received a Foreign Investment Principle license from the Indonesian Investment Coordinating Board (better known here as BKPM) approving the company's 75 percent ownership of PT Persada Bumi Rawas, held by its wholly owned subsidiary PT WMN Indonesia.
Persada Bumi Rawas holds the Persada Tenement, which has clean and clear status, covers an area of 5,000 hectares in the Buol region of Central Sulawesi, Indonesia and is considered to be prospective for gold.
WMN said in a statement it will continue infill geochemistry for better anomaly definition with the ultimate objective to later conduct a limited core drilling program to test for mineralization.
The company announced in September of last year plan to acquire Persada Bumi Rawas.
Editing by Reiner Simanjuntak