WMN: Renewal of Persada tenement remains uncertain
Thursday, October 27 2016 - 02:03 PM WIB
ASX-listed Western Mining Network (WMN) said that in recent weeks, the company has received conflicting advice relating to the Persada tenement renewal application process.
WMN said in a statement on Thursday it is continuing to work with the Central Sulawesi provincial government to determine if the Persada tenement can be retained on satisfactory terms.
Should the Persada tenement application process be successful, WMN said it has a draft workplan ready to action. ?However, the Board wishes to highlight that no assurances can be given that the company?s renewal application in relation to the Persada tenement will be successful or whether the Persada tenement can be retained on satisfactory terms.?
As disclosed in the WMN Annual Report dated September 30, 2016, the Persada tenement expired on August 12, 2016. The company has lodged a renewal application in relation to the Persada tenement.
WMN has 75 percent of PT Persada Bumi Waras (PBW), which holds the Persada Tenement. The tenement has clean and clear status, covers an area of 5,000 hectares in the Buol region of Central Sulawesi province and is considered to be prospective for gold.
Editing by Reiner Simanjuntak