Completion of Company and Tenement Due Diligence
Perth, April 19, 2012 AEST (ABN Newswire) - Padang Resources Limited (
ASX:PXR) is pleased to announce that it has received a Legal Due Diligence Report on the company/permit holder and title of the Paser Project, East Kalimantan.
The report validates that the permit holder has been registered at Ministry of Law and Human Rights, Indonesia and has dully obtained a Mining License for the Operation and Production (Izin Usaha Pertambangan Operasi Produksi or "IUP") of Coal within the permit area which administratively is located in the Petangis Village, Batu Engau District, Paser Regency, East Kalimantan. The IUP gives the permit holder the right to conduct the activities of construction, production, hauling, sale and refining of coal in the Mining Area.
It has also been confirmed that the IUP is listed with the Status Clean and Clear on the 'List of Clean and Clear IUPs' published by the Directorate General of Mineral Resources and that the IUP is therefore deemed valid.
Next steps
Padang will keep shareholders informed of any material developments regarding the Due Diligence process on the Paser Project.
Contact
Padang Resources Limited
T: +61-8-9429-2908
WWW: www.padangresources.com.au
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