Eka Samudra receives third tranche payment from Ashburton

Australia-listed firm Ashburton Minerals Ltd reported Monday it received confirmation from its Indonesian partner, PT Eka Samudra Nusantara (ESN) that ESN has received in its bank account the Third Tranche payment of US$500,000 made by the company at Obi gold project in South Halmahera

This marks the final payment to be made by the Company to ESN. The Company?s remaining obligation is to expend US$1 million on exploration by 10 December 2011 to earn the right to exercise an initial option to acquire a 51% equity interest in ESN by the payment of US$2 million and the issue of 30 million fully paid shares in the Company.

Exploration at Obi continues to progress with the main activity being a diamond drilling programme across a wide zone of artisanal gold workings. Hole AOD 01 was completed last week, and hole AOD 02 is currently at 140 m depth (of a nominal planned depth of 300 m).

The company is pleased to see consistent progress being made at Obi following initial delays in the delivery of the drilling rig to site. (romel)