PSP claims encouraging gold-copper results in Aceh

Prosperity Resources Limited announced what it called as encouraging results from the initial scout drilling program at Pala in Pinang-Pinang project in Aceh province. The sixteen shallow diamond drill holes have intersected broad intervals of porphyry-related gold-copper mineralization.

The results include 22 meters of 1.12 g/t gold and 0.4% copper, 9 meters of 1.68 g/t gold and 0.54% copper, 7 meters of 1.13 g/t gold and 0.35% copper, 8 meters of 2.12 g/t gold and 0.18% copper, and 6 meters of 3.62 g/t gold and 0.06% copper.

"The results from this first phase shallow drilling program are encouraging and give us a better understanding of the geology at the Pala prospect. Our view has always been that Pinang Pinang is a deeper porphyry target and the next phase of work will involve generating the deeper drilling targets," Mo Munshi, chairman of Prosperity told ASX this morning.

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Prosperity raises $1M for Aceh gold project

Inner Mongolia Tai Xi Mei Group Co Ltd has exercised 10 million options at 10 cents per share of Prosperity Resources Ltd. Prosperity will use the funds raised to finance the working capital for its projects in Aceh, Indonesia and Australia. Tai Xi Mei is one of Prosperity's strategic investors.

Prosperity is exploring gold in Pinang-Pinang project, Aceh province. The company has total issued shares of 242 million with the last quoted price of $0.115.

Other than Pinang-Pinang, Prosperity has acquired two other gold exploration concessions in Aceh. 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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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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Prosperity's Aceh gold-copper

Prosperity Resources Limited reported that a program of trenching and channel sampling at the Pinang-Pinang gold-copper project in Aceh province has highly significant surface gold plus copper mineralization. 

Prosperity told ASX today that the trenching program was completed after soil sampling by Prosperity defined very strong (+1g/t gold) soil anomalies at the Pala Prospect. 

The Pala prospect has reported multiple wide, high-grade gold/copper intercepts over a strike length of at least 400m within a 250m wide mineralized corridor, includes best results in Trench 21 of 91.7m @3.65 g/t gold and 0.45% copper.

Prosperity and Multi Mineral Utama agrees to establish a JV called PT Prosperity Surya Persada for the development of gold-copper project.

After the announcement, Prosperity's stock price in ASX closed higher by 32.98% at A$0.125 after it surged to A$0.15.

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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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