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Additional Information

Market:	ASX
Sector:	Coal
EPIC:	WAL
Latest Price:	0.15 (0.00%)
52-week High:	0.64
52-week Low:	0.15
Market Cap:	8.33M

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Wavenet International

Wavenet International (ASX: WAL) has acquired coal mining tenements in the Bowen Basin, Rockhampton and Gayndah districts in Queensland and is in the process of acquiring more coal tenements within the same regions.

The company has been actively investigating new investment opportunities, particularly in the resource sector and those opportunities are dominated by overseas projects

Wavenet International makes first foray into gold with Indonesian acquisition

Friday, February 24, 2012 by Christine Feary

Wavenet International (ASX: WAL) has acquired a high grade gold and silver project in Indonesia, less than a month after relisting on the ASX following a change in the company’s activities.

The company has signed an agreement with PT Mineral Indosin for the acquisition of the Sintang Gold Project in West Kalimantan.

Importantly, preliminary mapping and reconnaissance at Sintang has identified several gold workings, large areas of alteration and potential for mineralised structures.

More than 500 samples from surface geochemical sampling are being tested for gold, silver, copper, lead and zinc, which will be followed up by diamond drilling.

Wavenet plans to start alluvial dredging operations at Sintang in order to generate early cash flow.

The Sintang project covers 11,000 hectares in a well known mining district, with artisanal mining carried out over the past 100 years.

Other operations

Since announcing its change in activities, Wavenet has been buying up interests in coal and mineral tenements.

So far, the company’s interests have all been in coal, with a number of tenements either granted or applied for in Queensland’s Bowen, Hillsborough, Surat and Eromanga coal basins.

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