First Dynasty applies for rights

First Dynasty Mines (FDM-T) and its Indonesian partners have applied for exploration rights to 207,978 ha on the islands of Kalimantan and Java.

Under the application, First Dynasty would effectively have a 95% interest in seven properties through its 85%-owned subsidiary, Silver City Holdings.

The remaining 5% would be held by Indonesian partners.

On Kalimantan, Silver City has applied for contracts of work on three properties totalling 115,780 ha. Two of the three claim blocks are 150 km northwest and southwest of the huge Busang gold deposit, and in the same geological environment. The third block is 200 km southwest of Mt. Muro.

On Java, Silver City’s Indonesian partners have applied for permits on four claim blocks totalling 92,198 ha. Two of these blocks adjoin the Gunung Pongkor gold mine.

Silver City says exploration will begin as soon as it receives the necessary permits, which are expected in about three months.