Wilton Resources Corporation has entered into a non-binding framework agreement with Chinese minerals and mining group, Yunnan Chihong Resources Exploration & Development Company, a unit of Yunnan Metallurgical Group. The agreement covers Wilton’s Ciemas Gold Project in Indonesia.
The agreement outlines areas of potential investment and co-operation between the two parties in the development of the project, which is in in West Java.
This includes the development and construction of a mining, processing and smelting facility by way of an engineering, procurement, and construction management (EPCM) type contract as well as the exploration of Wilton’s mining permit area and an equity investment by Yunnan Chihong.
Wilton executive chairman and president Wijaya Lawrence said, “Combining the strength, expertise and resources of both our companies, the agreement enhances our capabilities for development of the Ciemas Gold Project.”
Yunnan Chihong chairman Wang Feng said, “The Ciemas Gold Project has significant gold resources and much potential for further resources to be defined. The successful development of the project can bring significant growth to both Yunnan Chihong and Wilton.
“The signing of the agreement is an important first step for the co-operation between our two companies. With joint efforts, the two parties will strive for the best outcome for the Ciemas project.”
Singapore-based Wilton Resources Corp is engaged in the business of exploration and mining of gold, and production of gold dore. The group’s concession blocks in West Java province cover a total area of 3078.5 hectares.
As at June 30, 2015, the Ciemas project contains JORC 2012 compliant estimated total mineral resources of around 1.25 million troy ounces. Besides seeking to develop these gold deposits, the group is concurrently planning the exploration of other mineralised areas of the Ciemas project to build sustainable value for its stakeholders.