Shareholders have unanimously approved the major gold/silver acquisition of a multi million ounce gold/silver deposit in Papua New Guinea (PNG) for Indochine Mining Limited (ASX:IDC) (Indochine). All votes recorded were in favour, with more than 50 percent of shareholders voting.
A substantial increase is expected in JORC resources in 3+ months time due to lower cut-off grades.
The last resource was calculated at $300/ounce gold price (20 percent of the current price) and $5.50/ounce silver price (15 percent of the current price).
Enterprise value per ounce is a third to a fifth of comparative gold projects.
Results of Shareholders general Meeting, 11am, 1 June 2011
All resolutions were carried by a show of hands.
About Indochine Mining Limited
Indochine Mining Limited (ASX:IDC) is a gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits.
In Papua New Guinea (PNG), also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.