Waseco Re-Establishes Tewah Gold Project
13 September 2010 - 11:39PM
Marketwired
Waseco Resources Inc. (TSX VENTURE: WRI)(FRANKFURT: WSE) is pleased
to report that it has returned to Indonesia, to pursue part of the
Tewah Alluvial Gold Project in Central Kalimantan.
The Company first acquired an interest in the project in the
mid-1980's, following a senior mining company having commissioned a
study of the gold recoveries from the river terraces. Waseco's
focus was on the actual river, where the gravels are also gold
bearing. An independent Feasibility Study was commissioned in order
to establish a gold resource within the river gravels and on the
river terraces, to determine the viability of mining. While the
results of the Study were very positive, production financing was
not available due to then current market conditions.
With the recent significant increases in the prices of gold and
zircon sands, which can be recovered at the same time, management
believes that the economics of the project should be more robust
than ever. Plans are being formulated to re-establish title to a
significant portion of the original holdings and to carry out the
requisite permitting and studies to determine the viability of
modern gold operations.
Company President, Richard Williams remarked: "We established
the presence of gold in the Kalahayan River and along its banks in
the 1980's and determined that the cost of recovering the gold
would place this project in the lowest quartile of world gold
operations. Management has been monitoring this area ever since.
Changes in the mining laws and in the investment climate appear to
have made this an opportune time to return to Indonesia. To date,
the local reception has been very positive and this should be a
very exciting chapter in the Company's history."
The technical content of this release was reviewed and approved
by A.C.A. Howe, P.Eng., who is a Qualified Person under National
Instrument 43-101.
Waseco Resources Inc. is an exploration company focused on
uranium exploration in the Quebec Labrador Trough and gold
exploration in Kalimantan. The Company is debt free and trading on
the TSX Venture Exchange and the Frankfurt Stock Exchange. There
are currently approximately 30.3 million shares issued and
outstanding.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Waseco Resources Inc. Richard Williams President (416)
364-3123 blackwell@tcn.net www.wasecoresources.com
Waseco Resources (TSXV:WRI)
Historical Stock Chart
From May 2024 to Jun 2024
Waseco Resources (TSXV:WRI)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Waseco Resources Inc (TSX Venture Exchange): 0 recent articles
More Waseco Resources Inc. News Articles