Following Board approval and due diligence, Robust Resources has decided to proceed with acquisition of Andash Mining from Kentor Gold. This acquisition encompasses the Andash Copper-Gold project with proven and probable JORC reserves totaling 539,730 ounces of gold and 63,486 tonnes of copper.
Senior Robust officials are pleased at the outcome with managing director Gary Lewis saying, “The quality of the project, existing infrastructure, and support from the Kyrgyz Government provide sound reasons for our optimism.”
A feasibility study has been completed, and a team of 15 local technical, financial and administrative consultants has been retained to progress project development. The legal and technical due diligence has confirmed Andash to be technically sound and economically profitable.
Andash is in the Central Asian Orogenic Belt which hosts some world-class gold deposits. The transaction is in line with Robust’s strategy of building an Asian-focused portfolio of precious metals projects in prospective domains.
Robust is finalizing financing arrangements with its partner, the Salim Group, and expects that financing of the Andash project will be on non-dilutionary terms for shareholders. Robust expects to make a funding announcement in the coming weeks.
Kyrgyz Government officials have pledged project development support given its listing as a project of strategic significance for the former Soviet republic.
Robust is a precious and base metals explorer and developer with projects in Indonesia, the Philippines and Australia. The flagship asset is a 77.5% managing stake in the Romang Island projects in Indonesia, incorporating an interim indicated and inferred JORC mineral resource of 592,000 gold ounces, 27.7 million silver ounces, 95 million copper pounds, 697 million pounds of lead and 678 million pounds of zinc.