SYDNEY (Yosefardi) – ASX-listed Elysium Resources Ltd has agreed to terms of a heads of agreement with PT Gata Sumber Daya to earn 67.5% of the Malang gold-copper project in East Java.
Under the heads of agreement, Elysium or Malang Resources Pty Ltd, subsidiary of Elysium, have agreed to provide up to A$2 million over a three-year period upon Gata securing the exploration permit (IUP), Elysium completing due diligence, and the completion of the acquisition of Malang Resources of 75% shares of Gata.
Gata, headed by geologist Adi Maryono, will partner Elysium and provide local exploration and administrative expertise on its Indonesian projects.
Elysium said Mr Maryono and Elysium’s chief technical advisor Ned Zurkic have worked together on Newmont Mining’s Batu Hijau and Elang deposits in West Nusa Tenggara.