Wetar surveys completed, Ojolali permit extended
Thursday, April 4 2013 - 09:45 AM WIB
ASX-listed Finders Resources Limited reported on Thursday that the Maluku Provincial Forestry Department has completed its final boundary and inventory surveys on Wetar Island and has now departed site to complete reporting.
The remaining work and documentation to satisfy the conditions of the In-principal licence (Izin Prinsip) are now expected to be complete by the end of April, at which point the central Forestry Department in Jakarta shall commence processing the Borrow and Use permit (Pinjam Pakai).
For its Ojolali Project, following the successful completion of leach recovery testing, Finders has received approval to move its second project into the feasibility stage.
The Indonesian operating company, PT Batutua Way Kanan Minerals received a decision letter (B35b DPE-WK/ HK/2013) from the Regent of Way Kanan, in which approval was granted to commence the Feasibility Stage of the IUP Exploration Period.
The extension of the IUP is initially for one year, but this can be extended for a further year to complete studies if required.
The company is currently preparing plans to commission a feasibility study which will initially focus on start-up operations at the Jambi Oxide gold deposit.
Finders is the operator of the Wetar Copper Project (95% Interest), and the Ojolali Gold-Silver Project (72% with option) in Indonesia.
Editing by Er Audy Zandri