Indonesian-based Hunamas Putra Interbuana has optioned a 7.7-sq.-km land package on Java to Mispec Resources (ME), which can earn a 45% interest in the asset.
The exploration concessions lie 150 km south of Jakarta, where several gold occurrences have been sampled. Mineralization exists in epithermal veins. Drilling on one prospect has intersected mineralization with grades of up to 15 grams per tonne.
The Indonesian company will receive 800,000 shares of Mispec and 800,000 warrants (exercisable for one year) that entitle the holder to purchase shares at 30 cents. Mispec receives a 15% interest in the properties through that transaction, and can earn an additional 15% by spending US$2 million on exploration, and by issuing Hunamas Putra Interbuana
1 million shares and 1 million warrants, exercisable for one year at 50 cents.
The partners have contracted for a US$2-million, 26,000-metre drill program, to start in the first quarter.
Mispec can receive another 15% interest in the properties by issuing 8 million shares once 500,000 oz. of gold reserves are proved up.
To fund the work, Mispec has placed 1.2 million units at $1.35 each; a unit consists of one share and one half-warrant to buy a share at $2.30, exercisable for one year.
Be the first to comment on "Mispec buys into Indonesian gold properties"