is a progressive international exploration and resource development company with its primary focus in Indonesia and strategic development holdings in Argentina.
As reported November 2, 2010 the Company has signed a Letter of Intent (the "LOI") to acquire 100% of Reliance Resources Limited ("Reliance"), an unlisted Australian public company, which holds the rights to five advanced gold exploration permits on the islands of Sulawesi and Halmahera in eastern Indonesia.
The Reliance portfolio comprises of three exploration projects on Sulawesi Island, with a JORC inferred resource, defined targets and the potential for near-term resource development and production; and two exploration projects on the island of Halmahera, 70km north of Newcrest Mining's high-grade, profitable Gosowong gold mine ( 5M oz average 24g/t Au). Reliance has the second largest landholding behind Newcrest on Halmahera.
Reliance holds a majority (75-90%) interest in these five gold tenements, covering 30,000 hectares. All five projects are within close proximity to operating gold mines or defined resources with similar geological settings. Importantly, all projects have been converted to IUP tenements as required under the new Indonesian Mining Act (2009).
The La Fortuna gold project is located in the Province of Chubut, Argentina, 1,300 km south of Buenos Aires. The La Fortuna gold project is located in the same region as Pan American Silver Corps' Navidad discovery. The claims covering the La Fortuna gold deposits have been legally surveyed and the Company holds 100% title to the claims through its wholly-owned subsidiary, Golden Peaks Minera S.A.
