Archipelago Resources

Toka Tindung Gold Project

The Toka Tindung Gold Project is the Company’s principal asset and comprises a system of epithermal veins containing a resource of 1.75m ounces of gold defined by 158 kms of drilling of which 1.1m ounces will initially be mineable by open pit.

View looking SW over the Toka Tindung Gold Deposit and SE towards the coast and Bitung

The project, was acquired from Aurora Gold in February 2002 and Archipelago was floated on the London AIM market in September 2003. The project is located approximately 35kms east north east of Manado, the provincial capital of North Sulawesi. Title to the Toka Tindung Gold Project is via two Contracts of Work covering 400kms² of well mineralised and only partially explored ground in addition to the defined resource.

The Company holds an 95% interest in the project but is entitled to the benefit of 100% of proceeds until such time as debts owing by the free carried party are repaid in full.

The Company acquired little used and very good quality items of major processing plant from Barrick’s El Tambo project in Chile as core items for its processing plant at Toka Tindung.  First gold pour occurred in April 2011. Production for 2011 is targeted to be 60,000 ozs gold equivalent with an average rate of approximately 150,000 oz of gold equivalent per annum for the first 6 years of an initial 8 year mine life.

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Cam Thuy – Ba Thuoc Gold Project, Vietnam

In 2006, the Company together with VIMICO prepared and lodged two applications for gold exploration licenses (ELA) in the Cam Thuy - Ba Thuoc gold district in Thanh Hoa province in northern Vietnam.   The project areas are located along the Ma River fault system, located south of, and parallel to, the Red River suture (fault) zone which hosts several significant area of gold-copper mineralization in northern Vietnam and southern China. 

The main target covered by the two ELAs is a package of clastic and calcareous sediments folded into two large anticline structures which are considered prospective for structurally-controlled "Carlin" style replacement deposits and also possible stratigraphically-controlled "Tefler" style gold mineralization.   Known bedrock gold mineralization and substantial unsourced occurrences of alluvial gold are present in the Company's application areas.   Commencement of exploration is subject to approval of the applications.  

Corplex Projects, Mindanao, Philippines

The Company has the right to acquire not less than an 80% interest in Corplex Resources Inc (“Corplex”), a Philippine registered company.

Corplex holds a number of applications for Exploration Permits (EP) and Mineral Production and Sharing Agreements (MPSA) within the copper and gold rich Surigao peninsular north east Mindanao, which hosts the high grade Boyongan copper gold porphyry project owned by Philex Gold Inc, Red 5’s Siana gold deposit and Medusa's CoO gold deposit. The tenements include a number of areas of historic gold workings and copper mineralisation and are described more fully in the Company’s Admission Document.

Stephen K Sulistyo (Non-Executive Chairman)

Mr Sulistyo (Age 46) is a nominee of major shareholder PT Rajawali Corpora.  Mr Sulistyo is currently Managing Director Business Development, PT Rajawali Corpora.

Marcus Engelbrecht (Managing Director and Chief Executive Officer)

Mr Engelbrecht was appointed Managing Director and Chief Executive Officer of Archipelago Resources in August 2011. He is a mining executive who has had considerable experience in the resources industry. Prior to joining Archipelago, Mr Engelbrecht was the Chief Financial Officer of OceanaGold Corporation, an Australian based mid-tier gold miner. Previously, he had nearly 20 years’ experience with BHPBilliton, where he held the position of Chief Financial Officer of their Diamonds and Specialty Products group, based in Melbourne, Australia.

Graeme R Duncan (Non-Executive Director)

B.E.Hons (Mining), M.A.(Mining)

Mr Duncan (Age 55) is a consultant mining engineer and Executive Director of Tasman Mining Pty Limited, an Australian based group with extensive experience in international and South East Asian coal operations. 

Eddy P Porwanto (Deputy CEO and President Director of Indonesian operating subsidiaries PT MSM and PT TTN)

Mr Porwanto (Age 42) is a nominee of major shareholder PT Rajawali Corpora.  Previously Mr Porwanto was the CFO of Garuda Airlines responsible amongst other things for the financing of that Company's aviation fleet and also CFO of General Motors Indonesia.

Jeremy W Ayre (Non-Executive Director)

Mr Ayre (Age 45) is a nominee of major shareholder Baker Steel.  Jeremy is a mining engineer with more than twenty five years experience in both technical and financial aspects of the industry.  His career included work as a professional engineer, a corporate executive with Rio Tinto and an investment banker with Paribas.   In 2000, Jeremy co-founded AWR Lloyd, a specialist corporate finance firm providing advisory services to the energy, mining and metals sectors in the Asia-Pacific region.  Since 2008, he has worked with Baker Steel to launch and develop a private equity mining fund which culminated in the listing of the Baker Steel Resources Trust mid last year.  Jeremy is also a director of Genus Gold Fund, Genus Natural Resources Fund and Baker Steel Capital Managers Limited.

Major Shareholders (Beneficial)

as at 15/12/2011

Updated from Archipelago Resources website 28.03.2012