SYDNEY (Yosefardi) – Western Mining Network Limited is now in the process of completing clean and clear status for PT Persada Bumi Rawas.
Persada Bumi directly holds a 100% interest in IUP Exploration No. 540/307.19/Distamben dated 12 August 2009 and issued by Regent of Buol (Persada Tenement).
WMN through its subsidiary PT. WMNI has entered into an exclusive Master Agreement to ultimately own
75% of the shares of Persada Bumi.
Persada Tenement has 8 years tenure expiring on 12 August 2016, covers an area of 5,000 hectares, considered to be prospective for gold.
During the half-year ended 31 December 2013, WMN continued its field exploration, comprising a topographic and grid soil auger sampling program, with130 auger samples and 17 rock chip samples taken for assay as announced to ASX on 8 November 2013.
Ongoing exploration at the Persada tenement will in clude;
• Additional grid lines
• Soil auger sampling on the added grid lines
• Trenching on the soil of the auger Au zone anomaly
• Further rock chip sampling
• Geophysical survey using Induced Polarization (IP)
WMN also indirectly owns 51% of PT Genesis Berkat Utama which holds a Manganese Production License covering approximately 3,000 hectares located in Dondo Subdistrict and Bualan Subdistrict, Kabupaten Toli Toli, Central Sulawesi.
Due to the low market price for manganese, the Company is continuing to evaluate corporate offers from a potential local buyer.