Government support for Toka Tindung project
October 06 2009 - 7:40AM
UK Regulatory
TIDMAR.
RNS Number : 3174A
Archipelago Resources PLC
06 October 2009
ARCHIPELAGO RESOURCES PLC
PROVINCIAL GOVERNMENT SUPPORT and APPROVAL by the
ENVIRONMENT DEPARTMENT for DEVELOPMENT of the TOKA
TINDUNG GOLD PROJECT
Archipelago Resources Plc ("Archipelago" or "the Company") is pleased to report
that as a result of discussions that have taken place between representatives of
the Provincial Government of North Sulawesi and the Central Government
Departments of Energy & Mineral Resources and Environment, a Letter of Support
for development of the Toka Tindung Gold Project ("Project") has been provided
by the Provincial Government of North Sulawesi.
Furthermore the Environment Minister has issued a Decree approving the AMDAL's
(environmental impact statements) previously reviewed and found acceptable by
the Environment Department's AMDAL Assessment Commission.
The Company has already resumed activities including negotiations with
engineering companies regarding completion of construction of the processing
plant and is also in discussion with prospective project financiers. Subject to
continued good progress and project finance the Company is targeting gold
production in 4th Quarter 2010.
Archipelago is a mining company listed on the AIM market of the London Stock
Exchange. The Company's principal activities are gold mining and exploration in
Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam
(as majority party in the Pac Lang and Cam Thuy/Ba Thuoc joint ventures with
VINACOMIN a Vietnamese Government mining company) and the Philippines (as option
holder over a 100% interest in the Corplex tenements).
Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc.
Tel: 00-618-9364-8301
Richard Chase, Ambrian Partners Ltd
Tel: 020-7776-6461
Ron Marshman / John Greenhalgh, Lothbury Financial
Tel: 020-7011-9411
Gerry Beaney / Fiona Kindness, Grant Thornton UK LLP
Tel: 020 7383 5100
www.archipelagoresources.com.au
This information is provided by RNS
The company news service from the London Stock Exchange
END
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