WMN signs deal to acquire gold exploration licence in Sulawesi
Monday, April 15 2013 - 05:50 AM WIB
ASX-listed company Western Mining Network Limited (WMN) announced on Monday its plan to acquire ownership in a prospective gold exploration licence in Central Sulawesi.
In the statement, the company said it has entered into an exclusive Master Agreement to own 80% of the shares of PT Persada Bumi Rawas, which directly holds a 100% interest in IUP Exploration in Buol regency.
The Persada tenement having clean and clear status with 8 years tenure expiring on 12 August 2016, covers an area of 5,000 hectares in the Buol.
Executive Chairman, Christopher J. Clower, commented ?This tenement acquisition is a progression of the company?s strategy to acquire a diverse range of highly prospective and scalable exploration targets in under-explored regions in Indonesia, through new applications and low-risk acquisition deal structuring.
The company said that the field evaluation program would start in April 2013.
Editing by Adianto P. Simamora