Placer Dome eyes RI project<\/p>\n
SYDNEY (Dow Jones): Masmindo Mining Corp, an Australian gold
\nexploration company said Tuesday that it has reached a
\npreliminary agreement for Canada's Placer Dome Inc (PDG) to
\nincrementally acquire up to 75 percent of its Awak Mas gold
\nproject in Sulawesi, Indonesia.<\/p>\n
Masmindo, formerly known as Lone Star Exploration NL, is 77
\npercent owned by South Africa's JCI Ltd.<\/p>\n
The Australian company and Placer's unit, Placer Exploration
\nLtd, plan to jointly explore and ultimately develop Awak Mas,
\nMasmindo said in a statement.<\/p>\n
Under the agreement, which has yet to be formalized, Placer
\nDome will spend US$1.0 million at Awak Mas and assume the costs
\nof running the site and support staff in Jarkarta.<\/p>\n
It must then spend a further $10 million on the project if it
\nwishes to earn a 51 percent stake in Awak Mas. Placer can lift
\nthis stake to 75 percent by spending an additional $10 million
\ntaking the project through to a feasibility study.<\/p>\n
The remaining 25 percent would rest with Masmindo and the
\nproject partners would then contribute funds to the project in
\nproportion to their respective stakes.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/placer-dome-eyes-ri-project-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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