Archipelago Resources Pours First Gold in Sulawesi

Resources

Friday, 01 April 2011 22:44

Theindonesiatoday.com - London-listed Archipelago Resources, controlled by tycoon Peter Sondakh, has on Friday (April 1st) poured first gold at its 95% owned Toka Tindung Gold Project in North Sulawasi, one day after the target date of the end of March 2011 and within the project finance budget.

All of the major items of ore processing equipment have been successfully commissioned including the oversized crusher and mills acquired from the El Tambo gold mine in Chile. The plant is operating in line with expectations for start-up and throughput will be steadily increased in accordance with the ramp up schedule.

The company currently has approximately 85,000 tons of ‘run of mine’ (ROM) ore, currently representing approximately 3 weeks production, stockpiled on the crusher ROM pad.

Doré ingots comprising approximately 70% gold and 30% silver will be produced in the gold room at site and shipped to the LME certified Logam Mulia refinery in JAKARTA.

Archipelago plans to spend US$30m of project generated cash on an exploration program to be undertaken over the next two years. The number of drill rigs will double from 2 to 4 in the second quarter and the first batch of assay results are expected to be available and approved for release in early Q2 2011.

“We will continue to work diligently to ensure a successful ramp up to full production, as well as expand our asset base through a major exploration campaign,” CEO Loosemore commented. (bintang@theindonesiatoday.com)

» Oil Rebounds on Iran Embargo

JAKARTA, Indonesia Today - Nymex crude oil rebounded 1% to above US$99 per barrel Monday (Jan 23) following Europe's decision to formally adopting oil embargo against Iran.

Latest News

» Oil Rebounds on Iran Embargo

» Curator Asks Court to Suspend Palur Raya Auction

» Tiger Airways Reports 18% Growth in Passenger

» KPK to Examine Nazaruddin's Wife in Solar Power Bribery Case

» Residents Blockade Access to Newmont's Batu Hijau Mine

» Prosperity Claims High Gold Grades in Samadua, Aceh

» ATPK Unit to Start Coal Production Next Year

» Steel Output Down Slightly by 1.5%

» Centurion Extends Banda Raya Gold-Zone

» Otto Marine's Deep Sea I Receives DNV Class Certification

» Oil Price Falls, Energy Stocks Unchanged

» Second Rig to Arrive in Obi Gold Project, Maluku

» Former Staff of Hatta Sentenced 3 Years Prison

» Astra Agro's CPO Sales Volume Increases 1.8% in January

» Timah Increases Capex to Rp1.4 Trillion

Latest News

Most Read

Most Read

Industries

Politics

Law

People