| |
On 29
June 2007 Avocet announced that it had agreed
to acquire a 75 per cent interest in a portfolio
of significant gold properties also mainly located
in North Sulawesi (the Banda properties). The
initial consideration for the acquisition is 712,000
Avocet shares, with additional shares issued upon
publication of defined levels of JORC compliant
resources. In total the Banda properties represent
exploration and mining rights over a combined
land position of 410 square kilometres. These
gold and copper properties include more advanced
projects which have previously been reported as
containing combined non-JORC compliant resources
estimated at 2.2 million ounces of gold. The properties
are all currently at exploration stage but the
intention is to move a number to the project development
stage within a two to three year period. Avocet
believes significant upside exists on the properties
and has recently commenced exploration on two
of the prospects.
The
Banda properties comprise:
- a 5th generation CoW in the
Gorontalo Province containing four blocks -
Pani, Totopo, Bulangitang and Bulagidun;
- three Kuasa Pertembangan
tenements (KP - national mining license) in
the Bolaang Mongondow regency; and
- two KPs in West Kalimantan,
comprising greenfield initiatives at Serantak.
Drilling has taken place
on several of the Banda prospects and positive
drilling results have so far been announced at
Doup, one of the KPs in Bolaang Mongondow.
|
.gif)
