A company jointly owned by Mispec Resources (ME) and its Indonesian partner, P.T. Hunamas Putra Interbuana, has acquired a large property in the Busang North area of Kalimantan, Indonesia.
The 14,776-hectare contract of work, which is known as Marunda Wahau, comprises two blocks, the more northerly of which lies along strike from the southern extension of the joint-venture property of Yamana Resources (TSE) and Barrick Gold (TSE).
The other block lies north of, and along strike with, the Busang deposit of Bre-X Minerals (ASE). It contains extensions of the basal Tertiary-aged sedimentary unit that hosts a volcanic zone with a high potential of gold in the alluvium of the Telen River. Mispec and its Indonesian partner, through their joint-venture company, have signed over a half interest in the Marunda Wahau contract of work to TNK Resources (CDN) for US$500,000, 1.5 million TNK shares and staged exploration funding commitments, over two years, totalling US$2 million.
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