Berkwood Resources Acquires Option to Cimandiri Gold Project in Indonesia

Strategic Insights -

Berkwood Resources Ltd. through its Indonesian subsidiary has signed an option agreement with PT. Succes Mining Resources to acquire an exclusive option to a 100% interest in the 2,416-hectare Cimandiri Gold Project in Sukabumi, West Java. The project is located approximately 120 km south of Jakarta and has nearby railway lines, with the closest rail station only 8 km from the property. The property sits at an elevation ranging from 700-900 meters above sea level.

Key Takeaways:

  • Berkwood Resources Ltd. has signed an option agreement with PT. Succes Mining Resources to acquire the Cimandiri Gold Project in Indonesia.
  • The project covers 2,416 hectares in Sukabumi, West Java, and is located approximately 120 km south of Jakarta.
  • The property has nearby railway lines, with the closest rail station only 8 km from the property.
  • The project is in good standing under Indonesian law, with no liens, charges, or encumbrances.
  • Berkwood will exercise the option by making initial payments of US$25,000.00 in cash and further payments and issuing shares to Succes.
  • The shareholders of Succes control or own all of the issued shares of Succes and have the absolute right to enter into this Option Agreement.
  • The Cimandiri Gold Property sits at an elevation ranging from 700-900 meters above sea level.
  • The project is located approximately 9 km southwest of the open pit Cikondang gold mine.
  • Brian Buchanan, President of Berkwood Resources, states that the company is excited to have acquired this Indonesian property and is looking forward to the commencement of their exploration program.

Statistics:

  • 2,416 hectares: the size of the Cimandiri Gold Project.
  • Approximate 120 km: the distance from Jakarta to the Cimandiri Gold Project.
  • 8 km: the distance from the property to the closest rail station.
  • US$25,000.00: the initial payment in cash that Berkwood will make to exercise the option.
  • 900,000: the number of shares of Berkwood Resources Limited that will be issued and delivered to the Shareholders of Succes upon completion of the option.
  • US$95,000.00: the additional payment in cash that Berkwood will make after receiving approval from the TSX Venture exchange.

Sources:

  • MARKETWIRE via COMTEX
  • MARKETWIRE via COMTEX - SOURCE: Berkwood Resources Ltd.
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