Friday, July 31, 2009

Pinang-Pinang due diligence completed

Prosperity Resources Limited (PSP) told Australia Stock Exchange today that it has completed exploration due diligence on the Pinang-Pinang gold project in Aceh, Indonesia. 
PSP said initial assay results from the soil sampling are being compiled and will be released in due course. Prosperity, through its 90% owned Indonesian subsidiary, PT Prospindo, has signed a formal JV agreement with PT Multi Mineral Utama which allows for the subscription for 80% of the shares in Multi Mineral by the JV holding company created under the October 2008 cooperation agreement with PT Dana Mitra Utama.
The JV holding company will earn an 80% shareholding interest in the Multi Mineral Utama through total exploration expenditure of US$1.25 million.
Pinang-Pinang is a concession over 2,000 Ha in southern part of Aceh province controlled by PT Multi Mineral Utama.
Prosperity is focusing on metal projects in Indonesia, mainly gold, silver, copper, and nickel. The company is also seeking opportunities in iron ore and manganese. 

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