Augur Proposes Revision on Call Option Term for Jampang Project

Mining News

Friday, 13 January 2012 17:16

Written by Hatman Bintang

Augur Resources, Proposes Revision on Call Option Term for Jambang Project

Theindonesiatoday.com - Augur Resources Ltd has advised the Jampang gold-copper project, West Java to have Maiden JORC Resource Estimate of 161,000 ounces of gold, 494,000 ounces of silver, and 7,800 tons of copper, but it stated Wonogiri project as the main focus.

The resource is estimated as an Inferred Resource of 5.5 million tons @ 0.91 g/t gold, 2.8 g/t silver, and 0.14% copper. Augur has previously commissioned Computer Aided Geoscience Pty Ltd to undertake the resource estimation.

With the new estimation, Augur stated it is currently in discussions with PT Golden Pricindo Indah, the owners of the Jampang project, regarding revising he terms of the call option which the company has to purchase a 90% stake in Golden for US$9 million.

It seems the Jampang project is not as encouraging as Augur expected as it will focus more on Wonogiri and may withdraw the agreement with PT Golden Pricindo to acquire the stake.

“As a result of the outstanding exploration results being achieved at the company’s Wonogiri project, the Directors are of the opinion the company’s focus should be on the Wonogiri project and, unless a substantial revision of the terms of the Option Agreement can be negotiated with Golden, including an extension of the term of the call option, the Option Agreement will be allowed to lapse,” Managing Director Grant Kensington said on a press statement. (bintang@theindonesiatoday.com)

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