NEW YORK (Yosefardi) – Vanguard Mining Corporation reported PT Raksasa Metal Agung, an Indonesian partner of Vanguard, has been working on the licensing and permitting procedures for the joint operation gold and copper mining project in Karang Tengah District, Wonogiri Regency, Central Java Province, Indonesia.
The company expects to complete all the requirements within the month of September 2014.
PT Raksasa Metal Agung estimates it will take about three months after securing the required licensing and permitting to begin operation and production at this location.
A recent survey reported highly favorable laboratory analysis results from the prospective mining area in Wonogiri Regency, with copper content of over 14%, silver at 17.50 ppm and gold 9.20 ppm.
On another note, for the 8,100-hectare gold concession with PT Cendrawasih International in Mandailing Natal, North Sumatra, Indonesia, the Company intends to conduct a staged exploration program to obtain a JORC-compliant feasibility report before going into operation and production.
VNMC believes this joint operation project in Wonogiri will be the first one in Indonesia to generate revenues and cash flows for the Company in the near term, followed by the 3,500-hectare gypsum and limestone concession in Nusa Tenggara Timur, Indonesia.