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Tuesday, 28th April 2009 (703 views)

Archipelago Resources has revealed that it has been granted a 12-month extension to construction approval for the development of its Toka Tindung gold project in Indonesia.

The company received the go-ahead from the Indonesian Central Government Department of Energy & Minerals through its PT Meares Soputan Mining subsidy.

Archipelago Resources is currently seeking the support of the provincial government in north Sulawesi in order to secure funds to complete construction at the property.

Located 35km north-east of Manado, on the island of Sulawesi, the Toka Tindung gold project has an estimated defined resource of approximately 1.7 million ounces of gold and plant capacity of 1.5-1.7 million tonnes a year.

Archipelago Resources plans to start production at Toka Tindung in 2010, with an average annual production rate forecast of 160,000 ounces during the first six years of a predicted eight-year mine life.

Listed on the AIM market of the London Stock Exchange, the gold firm is focused on mining and exploration activities in Indonesia, Vietnam and the Philippines.

 

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