Brisbane, Australia - Far East Gold Ltd. (ASX:FEG) (OTCMKTS:FEGDF) provided an update on its interest in the Woyla Project in Aceh, Indonesia.
Under the Conditional Share Purchase Agreement (CSPA), the Company had a pathway to increase its ownership interest in the Woyla Project to 80%, subject to the completion of a Feasibility Study.
The Company had been progressing an agreement with the vendor to explore a direct pathway to increase its economic interest to 100% without the requirement to complete a Feasibility Study. Agreement on final terms was not able to be reached at this time.
FEG will continue to hold a 51% interest in the Woyla Project. No Feasibility Study has been commenced and further exploration activities at the project will not be undertaken at this stage.
CEO, Shane Menere commented:
"The Company was unable to reach agreement on a direct pathway to 100% due to a number of factors including current market conditions. By retaining our existing 51% interest, FEG preserves exposure to the potential future upside of Woyla, while allowing FEG to focus funds and activities on the Idenburg Project where it considers there to be a more immediate development pathway. FEG will continue to assess potential value enhancing pathways for the Woyla project in conjunction with the vendor."
About Far East Gold Ltd:
Far East Gold Ltd (ASX:FEG) (OTCMKTS:FEGDF) is an Australian junior exploration company led by some of the biggest names in Australian mining. The company has secured the commercial rights for the acquisition, exploration and development of six advanced gold and copper projects in Indonesia and Australia. The Company is underpinned by combined JORC resources of 1.54Moz gold and 190Mlb copper, with ongoing drill programs aiming to significantly increase these resources.
Source: Far East Gold Ltd
Contact:
Justin Werner Chairman e:justin.werner@fareast.gold Shane Menere Chief Executive Officer e:shane.menere@fareast.gold m: + 61 406 189 672 + 62 811 860 8378 Tim Young Investor Relations & Capital Markets e:tim.young@fareast.gold m: + 61 484 247 771
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Brisbane, Australia - Far East Gold Ltd. (ASX:FEG) (OTCMKTS:FEGDF) provided an update on its interest in the Woyla Project in Aceh, Indonesia.
