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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Archipelago Res | LSE:AR. | London | Ordinary Share | GB0033551721 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 57.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9532E Archipelago Resources PLC 22 June 2006 ANNOUNCEMENT APPROVAL for VIETNAM GOLD PROJECT Archipelago Resources plc ("Archipelago" or "the Company") is pleased to announce that following endorsement by the Prime Minister of Vietnam, it has entered into a joint venture heads of agreement with Minerals Corporation ("VIMICO") an affiliate member of national minerals company Vietnam National Coal - Minerals Industries Group ("VINACOMIN") and provincial mining company Bac Kan Mineral Joint - Stock Company ("Bac Kan") to explore for gold and associated minerals at the Pac Lang Gold Project in northern Vietnam. The parties have lodged an exploration licence application ("ELA") covering the project area and are progressing with the relevant ministries to achieve approval in coming months. The Pac Lang mineralised system is located approximately 160 kilometres north north east of Hanoi in the Ngan Son district of Bac Kan province. It comprises a group of gold mineralised quartz veins initially exploited by the French early in the last century which became the site of a major gold rush in 1990-1991 following the discovery of a large quartz vein containing high grade gold mineralisation. Mining activities were subsequently suspended by Vietnamese government authorities and apart from soil geochemistry by the French government organisation BRGM and some small scale mining by Bac Kan, the project remains unevaluated by modern exploration methods. At least 15 gold mineralised mesothermal quartz veins generally less than 2 metres wide have been identified with a combined outcropping and inferred strike length of 3,300 metres. The veins are sediment hosted and generally steeply dipping. Many of the veins are clustered and based on previous preliminary sampling (1999) reportedly assay between 0.4 and 49 grams per tonne gold. Subject to the rights of the Government of Vietnam and the Company's right to withdraw, Archipelago will be entitled to an interest of 65% in the joint venture and has undertaken to expend US$1.24m within two years from the date of grant of the ELA. Exploration will commence as soon as possible following ELA approval and will be focused on defining a mineral resource within the known areas of gold mineralisation. Archipelago was invited by VIMICO to participate in the Pac Lang Gold Project based on relations developed between the parties as a result of their joint applications for exploration rights over the prospective carbonate replacement gold mineralised system at Cam Thuy - Ba Thoc, the Company's other Vietnamese gold project. Archipelago considers that the experience and multi faceted skills of its employees and their success in progressing the Toka Tindung Gold Project to development, were influential in the Vietnamese authorities' decision to select the Company as a partner for the Pac Lang Gold Project. Pac Lang will likely be the first approved ELA for the Company in Vietnam and is considered to have the potential to be the Company's second mining development after its flagship project at Toka Tindung in Indonesia where construction is about to commence following completion of development financing. Archipelago is a mining company listed on the AIM market of the London Stock Exchange. Its 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 Pac Lang and Cam Thuy / Ba Thuoc gold projects) and the Philippines (as option holder over a 100% interest in the Corplex tenements). Further Info: Colin Loosemore, Managing Director, Archipelago Resources Plc. Tel: 00-618-9364-8301 Richard Chase, Ambrian Partners Ltd Tel: 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 JVEXFLFLQQBXBBB
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