Friday, January 22, 2010

Philippine miner buys SE Sulawesi gold project

Philippines-listed miner Imperial Resources Inc has signed an agreement to explore a 4,700-ha gold property in Southeast Sulawesi province. Claim owners PT Indominas granted Imperial the exclusive rights to explore and develop the site during the period covered by its concession. Imperial has reportedly paid $100,000 for the contract, and will pay $70,000 more in a month's time.

According to Businessworld, "PT Indominas expects to receive mining rights for the gold project from state-run Perusahaan Daerah Pd. Utama Sultra" within this month.

Early last year, Imperial Resources partnered with PT Aspal Buton Nasional to explore, develop and exploit 1,940 ha of the total 2,900-ha asphalt property in Buton Island, Southeast Sulawesi.

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