Vanguard Mining Corporation has negotiated to extend the closing of the PT Cendrawasih and PT Mega Kecana acquisitions in North Sumatra until December 31, 2014 and expects to begin further technical survey on these properties very shortly.

The company is continuing to develop the 8100-hectare gold concession and the gypsum/limestone business with PT Cendrawasih International and PT Mega Kencana Persada. However, following an additional logistical review mainly for the purpose of exporting gypsum to Vietnam, Vanguard has decided not to pursue the acquisition of the gypsum/limestone concession in Nusa Tenggara Timur (NTT).

The shipping distance from North Sumatra to Vietnam is about half of the distance from Flores Timur, NTT to Vietnam, thus making the final product price from North Sumatra more attractive to Vietnamese customers.

Vanguard has also recently signed an MoU with Piedras Y Metales Carvajalto, an Honduran company, to acquire four gold concessions with a total area of 4000 hectares and estimated gold deposits of 600,000 troy ounces in Santa Barbara, Honduras. The company is proceeding to further the due diligence review of the concessions and arrange the required financing from institutional investors before entering a definitive agreement for the closing of this transaction if feasible.

In addition, the company will continue to develop the joint operation gold mining project in Central Java and sand mining projects in Vietnam and Cambodia.

Vanguard president Jalani Haniffa says, “As we proceed with our existing projects, we will continue to investigate new acquisition opportunities that may expand and strengthen our global mineral asset portfolio. We are confident that with diligence and careful selection we will be able to create significant critical mass for the company in the foreseeable future.”

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