NEW YORK (Yosefardi) – Vanguard Mining Corporation, following additional logistical review mainly for the purpose of exporting gypsum to Vietnam, has decided not to pursue the acquisition of the gypsum/limestone concession in Nusa Tenggara Timur (NTT).
However, the Company will continue to develop the 8,100-hectare gold concession and the gypsum/limestone business in North Sumatra, Indonesia with PT Cendrawasih International and PT Mega Kencana Persada.
The shipping distance from North Sumatra to Vietnam is about half of the distance from Flores Timur, NTT to Vietnam, thus making final product price from North Sumatra more attractive to Vietnamese customers.
The Company has negotiated to extend the closing of the PT Cendrawasih and PT Mega Kecana acquisitions until December 31, 2014 and expects to begin further technical survey on these properties very shortly.