Interest and volumes have been growing significantly as of late (improved market perception due to positive operational momentum and penetration of messaging regarding changes in leadership).
V detailed so H1 highlights include:
- Resource expansion programme at BK Main deposit (from KSK cluster) to be completed approximately two months ahead of schedule.
- Shallow high grade zone discovered which has potential to significantly improve project economics.
- Results will now be incorporated into a single Resource update to be completed in late September or early October (not two as previously indicated).
- Discussions progressing regarding partnering or divestment of Jelai epithermal gold asset being pursued (confidentiality agreement signed with one party presently undertaking due diligence).
- Promising early metallurgical results at BKM for assessing of copper production from application of heap leach SX-EW processing technology (ongoing).
- KSK Contract of Work – non-binding MOU signed with Government of Indonesia to confirm that CoW is in 5th year of the Exploration stage and as such has a total of +30 years remaining for exploration, development and operations. Confirms long-term tenure, MOU to be formalised and when negotiations complete, amendments will be incorporated into CoW .
- Jelai gold asset and larger Beutong copper-gold projects: application process to upgrade both from Exploration to Production Licences likely to take up to a further three months to complete.
Further operational goals for H2:
- More drill results from BKM high grade zone.
- Completion of BKM (BK Main from KSK Cluster) copper resource upgrade
- Completion of ongoing metallurgical test work to confirm heap leaching as a viable processing methodology for the BKM mineralization.
- Integrating Resource & metallurgical test work results with mine engineering and associated studies to assess the economic potential of the BKM deposit.
- Preliminary Economic Assessment is targeted for completion in early 2016.
- Results of this work will be reported progressively as each component of the studies is completed.
- Reporting the results of scout drilling at the BK South, BK West and BK Polymetallic targets (all KSK cluster).
- Finalising amendments to the KSK CoW and completing the conversion of the Beutong and Jelai IUP’s from exploration to production licenses.
- Securing a suitable partner or acquirer to progress the Jelai gold project.
Notification of Options:
Directors to take Options in lieu of fees for 2015Employees have forgone short term incentive bonus payments and accepted frozen / lower salaries in favour of Stock OptionsAs per approved Stock Option Plan Directors granted a total of 6,000,000 Incentive Stock Options and 3,650,000 employees and consultants Options to for a total of 9,650,000Exercisable between August 31, 2015, and August 31, 2020, at an exercise price of C$0.05 per share (approx 2.478p)