A sample from the Vanguard Central Java property showing visible gold mineralization.
VANGUARD Mining Corporation’s Indonesian partner PT Raksasa Metal Agung has reported highly favourable results from a survey of a prospective gold and copper mining area in Karang Tengah District, Wonogiri Regency, Central Java. The survey revealed copper content of more than 14%, silver @ 17.50ppm and gold @ 9.20ppm.
PT Raksasa Metal Agung is securing the required licensing and permitting from government agencies to begin operation and production. Vanguard believes the joint venture may be the first one in Indonesia to generate revenues and cash flows for the company, though on a smaller scale compared to the potential of the 8100 hectare gold concession at Mandailing Natal in North Sumatra.
PT Raksasa president Agung Yudyasmara says: “We have a good knowledge of Wonogiri and are pleased with the survey results. We are highly confident that the operation at this location will bring immediate economic benefits for shareholders of both companies.”
Vanguard’s executive vice chairman and chief geologist Quang Le says, “We are eager to launch this project with PT Raksasa while developing large-scale concessions that can turn Vanguard into a major player in the near term. Besides the North Sumatra projects, the company has been looking at other opportunities elsewhere in conjunction with industry and financing partners to continue building a portfolio of key assets.”
In early June the company announced it had signed an agreement with PT Cendrawasih International to acquire a 70% equity interest in an 8100-hectare tenement at Mandailing Natal. Vanguard will pay US$6.5 million in a combination of cash and stock of the company for a 70% equity interest.
PT Cendrawasih principal Jay Muhd says, “We look forward to completing professional exploratory work on the tenement, including a JORC-compliant feasibility study, in order to bring the property to operation and production status.”
Quang Le says, “The surrounding gold mining activities include Sumatra Gold & Copper and Sihayo Gold, both publicly traded companies on the ASX.”
Vanguard Mining Corporation is a Nevada corporation established in 1987 that is building a portfolio of mineral assets in South East Asia, including gold, copper, limestone, and manganese. The company has also investigated mineral opportunities in other geographical areas.
The company is focused on executing its exploration and mining plans in Indonesia and will complete its financial audits in order to file a registration statement to resume its fully reporting status with the US Securities and Exchange Commission and upgrade the trading venue of the company’s stock, which used to trade on the NASDAQ Stock Market and Over-the-counter Bulletin Board.
VANGUARD Mining