NEW YORK (Yosefardi) – Vanguard Mining Corporation (VNMC) on Thursday (June 5) signed a business cooperation agreement with PT Raksasa Metal Agung, an Indonesian company, to start a joint operation of placer gold mining in sub-district Karang Tengah, Wonogiri, Central Java, Indonesia.
The Company further reported that, according to the agreement, it would be working with PT Raksasa to begin operation and production of gold and copper close to an ex-Dutch mining area that has high copper and gold contents, with some areas up to 27ppm.
VNMC will share 60% of the net profits from operations expected to occur in the next three to four months. The initial pilot project will be on a five-hectare area with a total allotment available of more than 1,500 hectares. PT Raksasa and VNMC plan to conduct the survey work and obtain licensing for the first phase of operation in the next few weeks.
Vanguard Mining Corporation, a Nevada corporation established in 1987, is currently building a portfolio of mineral assets in Southeast Asia, including limestone in Vietnam and gold, copper, limestone, and manganese in Indonesia. The company has also investigated mineral asset opportunities in other geographical areas.