Hallmark buys RI mine<\/p>\n
PERTH (Reuter): Hallmark Gold NL said it has entered into an
\nagreement with PT Arumbai Mangabekti (PAM) giving it the right to
\nacquire 55 percent of the Indonesian manganese miner's issued
\ncapital for about US$1 million.<\/p>\n
PAM is presently mining manganese on tenement KP 210 located
\nnear the town of Reo, on the north west coast of Flores, in
\nIndonesia. Hallmark said it will appoint a manager of the Flores
\nmanganese operation following the purchase.<\/p>\n
Hallmark said the acquisition was based upon a number of
\nconditions including that there was sufficient manganese reserves
\nto sustain a viable mining and processing operation.<\/p>\n
Prior to entering into the agreement, Hallmark said it
\ncommissioned a geological consultant who visited the site and
\nreported the potential for a reserve base of 250,000 tons of good
\nquality manganese within five km of the coast.<\/p>\n
Reserves to this magnitude should support a 50,000 to 60,000
\ntons per annum operation yielding pre-tax profits in the order of
\nUS$2 million, it said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/hallmark-buys-ri-mine-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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