Singapore-listed Wilton Resources Corp has raised $3 million through a private placement. Proceeds will be used to fund ongoing development of the Ciemas Gold Project in Indonesia.

Wilton’s executive chairman and president Wijaya Lawrence said, “The success of the placement is a vote of confidence in the prospects of our gold mining business.”

The Ciemas project covers two concession blocks with a total area of 3000 hectares in West Java, Indonesia. Only 200 hectares of this area has been explored.

Based on a recent report, the blocks have a total JORC 2012 compliant resource of 4.6 million tonnes containing approximately 1.25 million ounces of gold. Total production costs for the project have been estimated at between $600 and $700 per ounce.

Wilton believes gold prices will remain firm due to the low and negative interest rate policy pursued by the central banks of several countries.

The company is steadily progressing towards its goal of starting gold dore production, which is expected in the fourth quarter this year. It has planned a pilot production program with an initial daily capacity of 100 tonnes.

Metallurgical test work, hydrology and land use studies, engineering design and optimum mining process flow work, as well as acquisition of surface rights, have been carried out.

Besides seeking to develop these gold deposits, Wilton is concurrently planning the exploration of other mineralised areas of the Ciemas project.

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