Golden Valley mining venture

Golden Valley mining venture

ADELAIDE (Reuter): Mineral explorer Golden Valley Mines NL
said it had entered into an exploration joint venture at the
Bukit Hijau porphyry copper-gold project in East Java in
Indonesia.

Under the terms of the agreement, Golden Valley has a three
month option to assess the project which upon exercise will
entitle the company to 51 percent of production.

Upon expenditure of A$10 million, Golden Valley would become
entitled to 75 percent of the production.

The company said replacement and lower grade disseminated
mineralization over an area of about 1.5 km by 1.2 km had
returned values of 20.9 percent copper from nine outcrop samples
and 0.7 percent copper from 24 outcrop samples.

Golden Valley said limited gold and silver assays of 4.0 grams
of gold per ton and 2,496 g/t silver per ton had been obtained as
well as molybdenum to over 500 parts per million.