Additional 10% Interest in Toka Tindung Project (2487Z)
January 11 2011 - 4:16AM
UK Regulatory
TIDMAR.
RNS Number : 2487Z
Archipelago Resources PLC
11 January 2011
ANNOUNCEMENT
ARCHIPELAGO RESOURCES PLC
ACQUISITION
of an
ADDITIONAL 10% INTEREST
in the
TOKA TINDUNG GOLD PROJECT
Archipelago Resosurces Plc ("Archipelago" or "the Company") is
pleased to announce that it has today acquired an additional 10%
interest in the Toka Tindung Gold Project ("Project") from the 15%
Indonesian minority interest holders PT Austindo Nusantara Jaya
("ANJ") and The Estate of Mr Julius Tahija ("Tahija"), taking
Archipelago's total interest in the project from 85% to 95%, with
the remaining 5% interest purchased by Archipelago's major
shareholder Rajawali Corpora in accordance with Indonesian local
ownership regulations. The acquisition of the 10% and 5% interests
have been approved by Indonesian Government authorities.
The 15% interest was free carried and has been purchased for the
sum of US$6.8m, of which US$4.53m approx will be paid by
Archipelago for its 10% interest and US$2.27m approx will be paid
by Rajawali for its 5% interest.
The Company is very pleased with this timely pre-production
acquisition which will simplify management procedures for the
Indonesian operating companies and ensure that Archipelago together
with its major shareholder have full control over the Project and
its revenues. Production is targeted for the end of March 2011.
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 95% owner of the near
production 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 (via entitlement to not less than an 80% interest in
exploration company Corplex).
Further Info: Colin Loosemore, Managing Director, Archipelago
Resources Plc.
Tel: 00-618-9364-8301
Shaun Whyte, Ambrian Partners Ltd
Tel: 020-7634-4700
Katharine Sutton, Buchanan Communications
Tel: 020-7466 5000
Gerry Beaney / Fiona Kindness, Grant Thornton Corporate
Finance
Tel: 020 7383 5100
www.archipelagoresources.com.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGMMLMFGMZG
Archipelago Resources (LSE:AR.)
Historical Stock Chart
From Jun 2024 to Jul 2024
Archipelago Resources (LSE:AR.)
Historical Stock Chart
From Jul 2023 to Jul 2024