Austindo is embarking on an increased exploration program in Indonesia following its recent capital raising of Aus$12 million.
The increased exploration started immediately on all three of the company's permit areas on Java.
Exploration at Cibaliung (Austindo 89.75%) will be focussed on the discovery of additional resources. The Pekalongan ( Central Java ) and Trenggalek ( East Java ) projects, in which Austindo has a 95% joint venture interest, both have multiple prospects which are currently being assessed ready for selection of drilling priorities.
Austindo's development focus in Indonesia is the Cibaliung Gold Project which is operated by PT Cibaliung Sumberdaya, a joint venture company established between Austindo and PT Antam Tbk.
The Cibaliung Gold Project is currently under construction with first production expected in the first quarter of 2007. Construction at the Cibaliung Gold Project marks an important milestone for Austindo.
Cibaliung is located in Banten Province near the western tip of the island of Java , 150km south west of Jakarta .
During the March quarter, Austindo completed the dismantling of the gold processing plant at the Mount Olympus Mine in Western Australia and the majority of the plant was transported by Westlink Logistics to Port Hedland ready for shipping to site in Indonesia .
Aker Kvaerner substantially completed engineering services associated with the dismantling, transportation, re-erection and plant modifications (including the addition of an elution circuit, detox unit, gold room and backfill plant).
PT Petrosea was engaged to provide pre-engineering services for the re-erection of the processing plant and construction of the project.
Preparation of the box cut was substantially completed to prepare for the arrival of a road header to start decline development.
Upgrade of public access roads was undertaken during the quarter and the first stage of the project camp facilities were completed and are now occupied.
Bulk earthworks were also started.
Exploration activity at Cibaliung continues, with a program undertaken to overlay previous MMI results with updated structural models. This work identified some correlations which are being used to further refine drill targets.
Further trenching and mapping of locations, defined by updated structural models was also undertaken to ascertain whether more detailed site specific investigations were warranted.
An extensive diamond drilling program is proposed to start shortly, to test new target areas within the existing mine project area. This program will seek to identify additional reserves and resources with the aim of increasing annual production and mine life at Cibaliung.
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