Distribution of company announcements to the professional platforms, finance portals and syndication of important corporate news to a wide variety of news aggregators and financial news systems.
Adelaide, June 13, 2006 AEST (ABN Newswire) - Indo Mines (ASX: IDO) is pleased to report on operations at the Company's Yogyakarta Ironsands Pig Iron Project located in Central Java on the south coast of Yogyakarta Province, Indonesia.
The air core drilling program to drill out the ironsands deposit to JORC status is currently 50% complete. To date 511 holes for a total of 8,164m of drilling have been completed.
Some 4,700 drill hole samples have been sent to ALS Laboratories in Perth for assay.
The first pass, wide-spaced program (800m x 100m drill hole centres) to test the 22km long by up to 1.8km wide ironsand deposit at Kulon Progo near Yogyakarta has been completed. This first pass drilling will allow the Company's geological consultants, Mackay & Schnellmann, to estimate an Inferred JORC compliant resource by the end of this month.
The second pass infill-drilling program (400m x 100m drill hole centres) has also been completed which is intended to enable the estimation of an Indicated JORC compliant resource. The third pass drilling program (200m x 50m drill hole centres) has already commenced which will involve the infill drilling of around 1/3 of the Indicated Resource drilled area to a density sufficient for the estimation of a Measured Resource. The Company expects an Indicated/ Measured JORC compliant resource statement to follow. The drilling program, which is using two air core drilling rigs, is scheduled to be finished by the end of July. Up to 1000 holes for a total of up to 16,000m of drilling is planned.
The drilling program is being funded by Indo Mines as part of its earn-in requirement to acquire a 70% interest in the Project. Indo Mines' partner in the Project, PT Jogja Magasa Mining, will retain a 30% interest in the Project.
An exploration base and office, central to the location of the ironsands deposit, has been established at Kulon Progo, Yogyakarta, for Indo Mines and JMM. A team of geologists, technicians and field assistants have been employed to service the exploration base for the length of the drilling program and the planned resource definition program.
Subject to feasibility, the Ironsands deposit at Yogyakarta will be used as the basis for the establishment of a liquid iron ("pig iron") making facility in the Yogyakarta Region to provide feedstock for major regional steel producers.
Source: Kevin Skinner Senior Consultant FIELD PUBLIC RELATIONS
231 South Road MILE END SA 5031 Tel: (08) 8234 9555 Fax: (08) 8234 9566 Mob: 0414 822 631 kevin@fieldpr.com.au
