Sydney, Sep 19, 2012 (ABN Newswire) - Indochine Mining Limited (ASX:IDC), has rapidly advanced a major gold/silver project from the acquisition stage last April 2011 to the point of issuing a Pre-Feasibility Study. As Chairman, I am pleased to present our shareholders with the Annual Report, summarising our progress for the Financial Year to end June 2012.
The Company has almost completed the pre-feasibility study, at the time of this report, and significantly progressed the drilling programme with results which confirmed our positive view of the Mt Kare gold - silver project in Papua New Guinea (PNG). The Company has completed 50 diamond core holes. Of the 13 holes that have assays to date, results include 17 metres at 100 grams/tonne gold, which confirms the high grade nature of the deposit. Importantly, the landowner investigation study is nearing completion between the local communities, the government, and the Company, which will be the first time such a document has been generated in PNG in accordance with the Land Act, and will allow for future benefits to flow to local communities upon development of the project.
Indochine Mining Limited (ASX:IDC) is a gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits.
In Papua New Guinea (PNG), also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.