Kalimantan Gold gets forestry permit extended
Tuesday, March 13 2012 - 01:33 AM WIB
Kalimantan Gold Corporation Limited said that the extension of the expired forestry permit for its PT Kalimantan Surya Kencana sixth generation contract of work for copper porphyry property in Central Kalimantan has been approved.
The company said in a press statement on Tuesday that it would immediately start mobilization of equipment, and then drilling.
As announced on April 19, 2011, the Company signed a joint venture agreement with a wholly owned subsidiary of Freeport-McMoRan to develop the copper project.
Under the terms of the joint venture, Freeport may earn up to a 75% interest in the project by sole funding the completion of a feasibility study.
The phase one Forestry Permit has been granted for an area totaling 7,422 hectares of the KSK CoW and gives the rights to the holder to carry out full mineral exploration activities within the permitted concession area.
It said that the successful initial phase of the forestry permitting process would allow the company to execute drill tests of key prospects at Beruang Tengah and Beruang Kanan, resource definition drilling at Beruang Kanan as well as bring other priority prospects to the drilling stage with additional important ground follow-up work.
Editing by Benget Besalicto Tnb.