Tujuh Bukit KP converted to IUP

Intrepid Mines Limited told ASX this morning that Indonesian regulatory authorities (Banyuwangi Regent in East Java) have granted PT IMN, its partner in the Tujuh Bukit gold project, two Izin Usaha Pertambangan (IUPs), replacing the Kuasa Pertambangan previously held.

The first IUP, an exploration IUP (pursuant to new mining law) for an area of 6623 hectares, is valid until January 25, 2014. The other, an operating and production IUP for an area of 4998 hectares, covers the multi-million ounce Zones A, B, and C deposits, deeper sulphide extensions, and the new Katak discovery and is valid until January 25, 2030. The later IUP will enable Intrepid to complete a scoping study and progress to a feasibility study, should exploration results warrant it.

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Hillgrove discovered additional gold zones in Sumba

Hillgrove Resources Limited told ASX this morning further results from the ongoing exploration program at Sumba Island, Indonesia confirmed additional gold zones at Pahandanjal prospect.

Hillgrove said results from the trenching program on the Western Vein system at Pahandanjal were released on the December 10, 2009, and results have now been received for some of the trenching conducted on the Eastern Vein system and from the reconnaissance rock chip/float sampling completed at both Pahandanjal and North Pahandanjal prospects.

Highlights of the discovery are:

(1) High grade gold identified in trench results from the southern end of the Eastern Vein system including 14m at 6.97 g/t gold and 10.7 g/t silver; (2) broad zone of gold anomaly identified in trench results from northern end of the Eastern Vein system over the area of Hillgrove's previously reported gold in soil anomaly including 46m at 1.01 g/t gold, 5.21 g/t silver, and 46m at 1.02 g/t gold and 2.63 g/t silver.

Hillgrove stock price increased 1.37% to $0.37 this morning. The stock was only $0.1 in March 2009.

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Robust confirms and extends high-grade gold on Romang Island

Robust Resources Limited said it has received final assay results on diamond drill hole LWD 051, which confirm and extend the previously announced high-grade gold intersection at its Batu Mas prospect within the Lakuwahi Caldera on Romang Island.

Final assay results for hole LWD 051 are as follows: 57.5 meters at 6.78 g/ton gold equivalent from 1.5 meters, including 27 meters at 9.36 g/t Au equivalent from 3 meters and 15 meters at 217 g/t Ag and 3.31 g/t Au from 26 meters, plus 24 meters at 2.4% Pb from 29 meters.

Robutst has now completed 44 holes from 4172m of diamond drilling on Lakuwahi Caldera Project and is on track to complete its target of 5000m by year end. An additional five holes have also been completed and assay results are awaited, Robust told ASX this morning.

Robust stock price surged 9.73% to A$1.24 on ASX this morning. The stock was only valued $0.1 in February 2009.

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Antam nickel output drops 33%

State-owned mining company PT Aneka Tambang (ANTM) Tbk reported 33% drop in ferronickel output in the second quarter 2009 due to the production halt at FeNi III plant since May 2009. 

ANTM expects the plant to resume operation in September 2009. ANTM also reported 27% drop in high grade nickel ore to 913,206 WMT. During the quarter, ANTM reported 36% drop in nickel ore to 2.347 million wmt.Bauxite sales also dropped 74% to 87,800 tons. 

Gold sales, meanwhile, jumped 93% in second quarter compared to the previous quarter, but for the first half 2006, gold sales actually declined 36% from the same period last year. 

As a result, ANTM reported 16% decline in sales revenue to Rp4.396 trillion in H1 2009. Domestic sales of gold skyrocketed by 244% to Rp1.33 trillion in the period, and that had helped ANTM in fill the gap of falling revenue from nickel and bauxite. 

In contrast to its operational performance, ANTM stock price has surged 84% in the second quarter. 

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EAM updates Miwah Gold

East Asia Minerals Corporation told Toronto Stock Exchange (TSX) on Wednesday that assays have been received from the first two diamond drill holes at its flagship Miwah Gold project in Aceh province. 

East Asia encounters 3.29 g/t gold over 66 meters in wider internal of 1.71 g/t gold over 158 meters from initial diamond drill testing of Miwah. "These results support the interpretation of shallow out-flowed, laterally extensive gold mineralization controlled by multiple northerly trending higher-grade feeder structures that cut steeply through the 1.2 kilometre long (east-west) Miwah Gold Zone," EAM said. 

Drill hole EMD001 encountered 1.97 g/t gold over 57.1 metres, including 2.78 g/t gold over 38.3 metres. EMD002 encountered 1.71 g/t gold over 158.0 metres, including 3.29 g/t gold over 66.0 metres.

EMD001 and 002 were drilled in opposite directions from a common drill pad located approximately 200 metres east of the currently mapped western end of the Main Miwah Gold Zone.

The Miwah Property is in a very similar volcanic setting to the Martabe gold-silver deposit, also located in North Sumatra (Purnama and Baskara resources: 127.8 million tonnes at 1.4 g/t gold (5.5 million ounces gold) and 15 g/t silver (60 million ounces silver), and the alteration system is of a comparable size. 

Miwah also exhibits a likeness to the size, style and geometry of the alteration system developed at the Pierina gold deposit in Peru (67.7 Mt grading 2.98 g/t gold and 22 g/t silver, giving a total 6.49 million ounces gold and 47.9 million ounces silver).

East Asia Minerals (EAS-TSXV) is an Asian-based, Canadian mineral exploration company with gold and copper exploration properties in Indonesia, and uranium exploration properties in Mongolia. In Indonesia the Company has a 70 to 85% interest in six advanced gold and gold-copper properties located in Aceh Province, Sumatra, and Sangihe Island, North Sulawesi. 

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Natarang Mining to produce gold Q1 2010

Kingsrose Mining Ltd, parent company of PT Natarang Mining, predicts the commissioning of the process plant in Way Linggo Project, Sumatra, by the end of the first quarter 2010. 

Kingsrose told ASX today that the up-scaled project is not expected to produce approximately 45,000 ounces of gold and around 500,000 ounces of silver in Way Linggo contract of work.

The concession covers an area of 10,540 hectares, located over a zone of structural complexity at the northern end of the Semangka Graben where pull-apart basins, fault splays, and dilational jogs occur related to the Trans Sumatra Fault Zone.

Underground mine development and plant construction activities in Way Linggo have been accelerated following Kingsrose' successful A$20 million capital raising.

An experienced process metallurgist, Murray Hill has been retained to overview the completion and commissioning of the Way Linggo plant, Kingsrose said in the report. 

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Straits reported lower gold output in Mt Muro

Straits Resources Ltd (SRL) reported gold production in Mt Muro, Indonesia of 8597 ounces in second quarter 2009, declined 15% from the first quarter.

SRL, controls 100% participating interest in the Mt Muro concession, told ASX this morning that as a result of the reduced production performance brought about by a range of operating bottlenecks, cash costs increased for the quarter to US$1106 per ounce. 

SIlver production, on the other hand, increased slightly to 55,776 ounces from 54,185 ounces in the first quarter. Extensive planning and re-evaluation has recently been completed and commitment has been made to a production plant at the Mt Muro operation based around the development of the Serujan open pit, the Brinjin, and Merindu elluvial mines and the Soan deposit which is forecast to deliver 320,000 recovered gold equivalent ounces over a minimum five years time.

Integral to the plan is the decision to recapitalize the mining and transport fleet and moving to an owner operate strategy during the second half of 2009. Under this plan, SRL expected that in excess of 68,000 gold equivalent ounces will be produced in FY 2009/10 at an average cash operating cost of US$620 per ounces and reducing thereafter, SRL said.

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Large gold & copper porphyry discovered in Romang

Robust Resources Limited, Australia, announced this morning that exploration in the Solat Caldera, which forms the northern two-thirds of Romang Island, eastern part of Indonesia, has revealed strong evidence for the existence of at least one gold-rich multi-commodity porphyry system. 

Robust told Australia Stock Exchange (ASX) that this new discovery is in a different and distinct geological setting to Robust's initial gold-silver and base metals discovery in the Lakuwahi Caldera which forms the southern one-tird of Romang Island and where a highly successful two rig diamond program is continuing.

The coastal expression of the anomalies in the Solat Caldera is marked by extensive hydrothermal alteration with quartz/sulphide stockworking over a continuous outcrop of approximately 2 Km. Channel and grap samples along Solat Caldera returned values up to 12.3g/t gold, 6.1% copper, 6.86% lead, 15.8% zinc, and 142 g/t silver.

The northern two-thirds of Romang Island is interpreted to be a volcanic caldera similar to the Lakuwahi caldera in the South, but approximately two to two and a half times larger. It also appears older and more highly eroded than Lakuwahi.

"Recent processing of detailed aeromagnetics has indicated multiple mineral targets marked by distinct magnetic lows, interpreted to represent areas of mineralizing hydrothermal activity," Robust said.

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Higher gold-silver zones in Tujuh Bukit

Intrepid Mines Limited (ASX: IAU) claimed that ongoing drilling in Zone B of the Tumpangpitu prospect, Tujuh Bukit, Banyuwangi, East Java has continued to define some higher grade gold-silver zones within a broad lower grade envelope. 

Intrepid secured US$40 million financing from Vale, the world's giant mining company, last week. Brad Gordon, Intrepid Mines CEO said, "Zone B is developing as the largest area of mineralization and has returned some of the highest grade defined to date in the upper oxide zone and separately from Zones A and C where we have already defined a combined resource of 2.57 million ounces of gold-equivalent."

Intrepid said its local partner, PT Indo Multi Niaga, is working with relevant Indonesian authorities to allow for a review of forest land status. Forestry Law restricts non forestry activities within protection forests and prohibits mining using an open pit method in the area.

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Ausenco preferred for Martabe US$250 million project

Global diversified engineering services group, Ausenco Limited, announced today that its mineral business had been selected as preferred contractor to provide EPC management services for the US$250 million Martabe gold project in North Sumatra.

"We're extremely pleased to be working with PT Agincourt Resources and Martabe's new parent company owner---G-Resources---on such a significant project," Zimi Meka, CEO of Ausenco said in a statement.

Meka said he was pleased to see the gold and silver project return to Ausenco, following its deferral in late 2008 by the mine's previous owner OZ Minerals.

Both companies are in the final stages of documenting the EPCM contract, which should be formally signed by late this month. The Martabe project is expected to produce approximately 250,000 ounces of gold and 3 million ounces of silver in the early years of the mine life. 

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Vale joins Tujuh Bukit gold & copper project

Giant mining company Vale S.A. (New York-listed), the world's second largest mining company, has decided to join forces with Intrepid Mines (IAU) Ltd, Australia to develop Tujuh Bukit gold and copper project in East Java. 

Intrepid Mines told Australia Stock Exchange (ASX) today that it has signed a heads of agreement with Vale Exploration Pty Ltd, a subsidiary of Vale, granting Vale an option to acquire rights to Intrepid's Tujuh Bukit sulphide copper-gold project in Indonesia.

Under the terms of the HoA, Vale could earn a 60% shareholding in a JV holding the rights to the Tujuh Bukit project by, among other terms, spending a total of US$40 million.

Intrepid and its Indonesian alliance partner, PT Indo Multi Niaga, would retain the remaining 40% interest in the project, and would be free carried by Vale through the completion of a bankable feasibility study.

Intrepid and Indo Multi Niaga would continue to retain sole rights to the oxide gold-silver deposit which sits above the sulphide copper-gold deposit.

Preliminary work undertaken by Intrepid at Tujuh Bukit has identified the scope of two distinct projects: (1) an oxide gold-silver project, at which 2.57 million ounces of gold equivalent resources have been estimated, and (2) a sulphide copper-gold porphyry and high-sulphidation ore body. 

Tujuh Bukit is located in East Java, covers an area of approximately 11,600 hectares, about 205 km southeast of Surabaya. But the project's future is pending a review about forest land status of the location. 

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Talbot acquired 15% Robust

Shareholders of Robust Resources Limited, the controlling investor in Romang Island gold project in Indonesia, approved the issue of 7.24 million shares to Talbot Group Investments, which represents 15% of the company's issued capital.  

The transaction will raise $2.53 million from Talbot and allow Robust to further accelerate exploration of its highly prospective Romang Island gold-silver and base metals projects, Robust told ASX this morning.

"The capital raised will provide Robust with the flexibility to accelerate the exploration of Romang Island. Results received from drilling to date have exeeded the company's initial expectations with all 18 drill holes intersecting substantial gold, silver, and base metals mineralization," Gary Lewis, managing director of Robust said.

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