Thursday, November 12, 2009

Prosperity acquires two more projects in Aceh

Prosperity Resources Limited told ASX this morning that it has reached an agreement to acquire two additional 5,000 hectares licenses (KPs) to the northwest of its Pinang-Pinang gold copper project in Aceh province, Indonesia. 
"These highly prospective licenses are located within the same geological belt of island arc-related intrusive rocks between 20 and 50 kilometers from the Pinang-Pinang project," Prosperity said.
The northern most 5,000 hectares KP is held by PT Bintang Agung Mining (BAM) and the adjoining KP to the south is held by PT Mulia Kencana Makmur. The three KUDs marked in the MKM KP are excluded from the project area. This land is held by local Indonesian co-operatives and Prosperity will work with these groups to negotiate terms to acquire these land packages.
Prosperity, through its 81% owned Indonesian subsidiary, PT Prosperity Surya Persada, will earn an 80% shareholding interest in PT BAM and PT MKM through total exploration expenditure of US$1.25 million on each project over a two year period and granting them of 10 million fully paid ordinary shares in Prosperity Resources Ltd for each project area.

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