Appointment of Contract Miner
August 12 2005 - 2:00AM
UK Regulatory
RNS Number:0236Q
Archipelago Resources PLC
12 August 2005
ANNOUNCEMENT
ARCHIPELAGO RESOURCES PLC
APPOINTS
PT LEIGHTON CONTRACTORS INDONESIA
AS
CONTRACT MINER
FOR THE
TOKA TINDUNG GOLD PROJECT
Archipelago is pleased to announce that PT Leighton Contractors Indonesia has
been awarded the mining contract for the Toka Tindung Gold Project, Sulawesi
Indonesia in which Archipelago holds an 85% interest. Mobilisation of equipment
to site and commencement of mining will follow project finance debt drawdown
scheduled for the beginning of October 2005.
The Leighton Group is Australasia's largest project development and contracting
group. Archipelago is delighted that a group of Leighton's standing will be
working with it in such a crucial area of mine development and operation.
The Toka Tindung Gold Project has a resource of 1.75M ounces (ozs) of gold
equivalent, of which at least 0.9M ozs will initially be mineable by open pit.
Production is targeted at 160,000 ozs per annum for an initial 6 year mine life
commencing in mid 2006.
Archipelago is a mining company listed on the AIM market of the London Stock
Exchange. The Company's principal activities are gold mining and exploration in
Indonesia (as 85% owner of the Toka Tindung Gold Project in Sulawesi), Vietnam
(as majority party in the Cam Thuy/Ba Thuoc joint venture with Vimico a
Vietnamese Government mining company) and the Philippines (as option holders
over a 100% interest in the Corplex tenements).
Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc.
Tel: 00-618-9364-8301
Emma Priestley / Richard Chase, Ambrian Partners Ltd
Tel: 020-7776-6465 / 020-7776-6461
Ron Marshman / John Greenhalgh, City of London PR Limited
Tel: 020-7628-5518
www.mining-investor.com/arch
This information is provided by RNS
The company news service from the London Stock Exchange
END
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