Thursday, 30th September 2004 (3305 views)

Archipelago Resources has revealed it is in negotiations to raise debt and equity finance in a bid to fund a gold project in Indonesia.

The London-listed junior gold firm claims that by the end of September it will have cash resources of around £450,000 for all current commitments until the end of the year.

According to Reuters, the company has already completed a review of the feasibility study by the mine's previous owner.

The firm has an 85 per cent share in the Toka Tindung Gold Project in Indonesia, which it acquired in 2002.

Archipelago is interested in the production and exploration of gold and other base metals and also explores for the precious metal in Vietnam and the Philippines.

 

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