nobody interested in the next OXR here on ASF??
I thought ASF members would be onto this one.
Maq bank,gold 2000,CITIC and now our jap frds......aint rocket science.
Now you all have a chance to buy at these prices BEFORE a resource is defined.
Its going to happen.......u heard it here.
Wednesday 26 th March 2008
Japan’s JOGMEC in A$4.9m JV with Southern Gold
to accelerate three Cambodian gold projects
The large Japanese government organisation, JOGMEC, plans to fund accelerated
exploration on three Cambodian gold and base metal projects under a Letter of
Intent announced today with Australia’s Southern Gold Limited (ASX code” SAU”).
JOGMEC (Japan Oil, Gas and Metals National Corporation) and Southern Gold
today announced the signing of the LOI to enter into a Joint Venture (JV) over three
of Southern Gold’s wholly-owned granted Exploration Licences in Cambodia.
Under the LOI, JOGMEC will invest US$4.5 million (A$4.94m) within 3 years to earn
a 51% interest in the three tenements – Phnum Khtong (Kratie North Project), and
two adjoining blocks, Preak Khlong and O’Kthung (Kratie South Project), all to the
northeast of Phnom Penh.
The agreement includes an upfront payment to Southern Gold of approximately
US$400,000 on signing of the LOI for current exploration costs, followed by a
decision to proceed with a full joint venture on the Kratie North and/or the Kratie
South Projects by June 2008.
The three tenements are among eight gold projects wholly or majority owned by
Southern Gold under its “first mover” strategy to establish a cornerstone gold
business in Cambodia to compliment the Company’s Australian gold focussed
projects across three states.
“The Joint Venture will enable Southern Gold to bring forward exploration schedules
and therefore potential discoveries in Cambodia which we regard as one of the
world’s great mining frontiers,” Southern Gold’s Managing Director, Mr Stephen
Biggins, said today.
“The agreement ensures we can now commit to substantially larger drilling budgets
to test early stage exploration discoveries made by our exploration team in Phnom
Penh.
“Significantly, the JV, expected to take effect almost immediately, extends Southern
Gold’s direct relationships with key consumer economies for commodity metals.”
The JV is the first Japanese, and JOGMEC’s first, investment in Southern Gold’s
projects, whose larger shareholders include Chinese resource investor CITIC as
well as Australia’s Macquarie Bank Limited.
“This combination of key Japanese, Chinese and Australian support is an
exceptionally strong vote of confidence by world majors in Southern Gold's Asian
strategy,” Mr Biggins said.
“It is an envious position for a young explorer to be in and should also re-ignite
market sentiment about those Australian companies driving the establishment of a
modern-day commodities footprint in Asia.”
About JOGMEC
Japan Oil, Gas and Metals National Corporation’s (JOGMEC) objectives are to
secure a stable supply of oil, natural gas, nonferrous metals and minerals to Japan.
Typically, JOGMEC carries out mineral exploration jointly with various organisations
such as major or junior mining companies that hold mineral properties. JOGMEC
usually acquires an option for an equity interest in the project, if the results of
exploration are positive, then the equity interest is transferred to a Japanese private-sector
company.
:bigun2: