Perth, June 19, 2012 (ABN Newswire) - Padang Resources Limited (ASX:PXR) is pleased to announce that it has completed due diligence on the Paser Project, East Kalimantan and will now proceed with its resource definition program.
The Company is committing to the Paser Project and it has decided not to proceed with the West Papua Project or the West Sumatra (also referred to as the Lumpo Project) Project.
The Company is preparing a Notice of Meeting to be put to shareholders for approval of the acquisition of 70% interest in Paser.
Next steps
Padang will keep shareholders informed of any material developments regarding the exploration program on the Paser Project.
Padang Resources Limited (ASX:PXR) (formerly Palace Resources Limited) aims to create a sustainable exploration and development business focused on resource opportunities in the Indonesian resource rich region. Padang Resources has a strong management team which has a track record of acquiring and developing mineral projects in the Asia Pacific region. Padang Resources is aggressively exploring and developing resources in the south-east Asia region, particularly Indonesia.
ASX:PXR) is pleased to announce that it has completed due diligence on the Paser Project, East Kalimantan and will now proceed with its resource definition program.
Padang Resources Limited
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