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Citra Palu Minerals

 



The Company acquired 99,99% ownership of PT Citra Palu Minerals (“CPM”) by acquiring shares held by Newcrest Mining Ltd at CPM. CPM has the concession rights for a 139,889 hectare mine area in Palu, Central Sulawesi.

CPM concession area comprises six blocks, whereby Poboya is the most potential block with an inferred resource two million ounces of gold content. Throughout 2009, the Company continued the drilling and exploration process and took a number of feasibility studies. In line with those programs, the Company has stationed two LongYear 44 Drilling Rigs at the site. On a separate matter, the Company is also taking a geological study in Block I, IV and VI.

In compliance with the provisions requested by the Ministry of Mining and Energy, the Company has also submitted a longterm work plan report, in accordance to the Laws No 4, 2009.

 
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