From June ..Of this year press release for 70% of mengapur...updated resource and summary report..looks like over 8 Billion in metal in the ground...open pit...
In conjunction with the intended acquisition, the Company has approached Snowden Mining Industry Consultants Pty Ltd (?Snowden?) to undertake a critical review and update of the Study. Snowden will also produce an updated ?Summary Report? within a three months period with updated metal prices and present cost information as a part of the due diligence process. As a part of this updated study, Snowden will review the resource and reserve estimates contained in the Study. The Bank has recently visited the Project as a part of their due diligence process and has agreed that Snowden can act for both the Company and the Bank to produce the updated Summary Report as a part of the Bank's due diligence process.
President and CEO Robert Baldock stated ? ?This is an open pit mining project and our Selinsingtrack record and in-country knowledge leads us to believe we have a good understanding of local operating conditions, cost structures, and Federal, State and local government requirements and social obligations. If the Company proceeds with the Project, it would bring substantial benefits to the Malaysian community as a whole through payment of government royalties and long term employment for potentially over 500 people once it is operating, plus significant ongoing purchase of goods, contract services and other community services requirements.