Australian-listed Hillgrove Resources Limited announced that its Indonesian partner, PT Akram Resources, has been granted an Exploration Mining Business Licence (IUP Eksplorasi) for its 99,230 ha project in the Indonesian province of West Papua. Hillgrove has an 80% economic interest in the gold-copper prospect.
The license gives PT Akram Resources the right to continue its exploration programs and, subject to positive feasibility studies, is convertible into a Production IUP for an initial period of 20 years and extendable for a further 20 years (by way of two 10 year extension periods).
“With our partners, we now hold almost 2,000km² under IUP’s over the Bird’s Head and Sumba Projects which contain some of the most prospective exploration ground in Indonesia. Both these projects will be the subject of extensive drilling campaigns in 2010,” David Archer, Managing Director of Hillgrove Resources, said.