NEW YORK (Yosefardi) – Vanguard Mining Corporation has signed a Memorandum of Understanding to acquire an 80% equity interest in Yupolo Resources, an Indonesian company, in exchange for a combination of cash and stock, and co-develop a 3,500-hectare gypsum and limestone concession in Nusa Tenggara Timur (NTT), Indonesia.
Both companies will promptly enter into a definitive agreement for the contemplated sale and purchase and plan to close this transaction within 45 days after the signing of the definitive agreement, subject to further satisfactory due diligence review.
The gypsum deposits at this concession are of high quality (purity of 85 – 95% CaSO4.2H2O) and estimated to be in excess of 30 million metric tonnes while the limestone deposits are approximately 400 million metric tonnes.
Located in the District of East Solor, Solor Island, Regency of East Flores, Province of Nusa Tenggara Timur, Indonesia, the proposed mine spot of the concession is only four kilometers from the new expanded Menanga Sea Port.