SYDNEY (Yosefardi) – Gulf Mines Limited has located what is potentially a high grade copper discovery in an area being acquired by the company in the West Timor region of Indonesia.
Two random samples with reported high grades of 12.43% and 8.7% copper were taken during the course of assessing the area for acquisition by Gulf.
The company through its wholly owned subsidiary of Gulf Copper Pty Ltd has entered into a memorandum of understanding (MoU) with the Indonesian holder of the area to acquire 70% of the exploration license and will conduct a full exploration program of the area over the next six months.
The MoU becomes unconditional at the option of Gulf Copper following successful exploration with the payment of the purchase price of US$500,000 by two tranches with the first on exercising the option to purchase and the second six months later.