Archipelago Resources

• 30/05/13

  Result of AGM, Result of GM and Directorate Change

• 28/05/13

  New corporate financing facility

• 13/05/13

  Notice of General Meeting

• 07/05/13

  Directorate Change

• 02/05/13

  Notice of Annual General Meeting

• 

  28/05/13

  Archipelago Resources has firepower for deals, say brokers

  Gold miner has arranged US$160 mln refinancing to provide it with the financial flexibility for expansion.

• 

  28/05/13

  Archipelago Resources sets up US$160mln bank facility

• 

  16/05/13

  Few gold miners make grade at US$1,250, suggests broker

• 

  07/05/13

  Archipelago Resources' Engelbrecht to depart at the end of the month

• 

  26/04/13

  Archipelago Resources sitting on high quality asset at Toka Tindung

  City analysts impressed again as resource upgrade highlights exploration potential at Indonesian gold mine.

• 

  26/04/13

  Archipelago Resources boosted by Toka Tindung's southern deposits

• 

  24/04/13

  UPDATE: Archipelago Resources' steady production pleases brokers

  Archipelago Resources earned more plaudits today from brokers impressed with the latest production from the Toka Tindung gold mine in Indonesia. 

• 

  24/04/13

  Archipelago Resources' production steady in first quarter

• 

  18/03/13

  Archipelago Resources "well overdue a re-rating", suggests broker

• 

  11/03/13

  Archipelago Resources boss bullish on gold outlook after successful 2012

  Archipelago Resources' chief executive expects to further increase gold production in 2013 and is bullish on the outlook for the precious metal.

• 

  01/06/13

  Proactive Investors Mid & Sml Cap Weekly Roundup - Technology stocks lead the way
• 

  30/05/13

  More junior mining takeovers on the way, suggests RFC Ambrian
• 

  28/05/13

  FTSE 100 marks 107 pt rise on Tuesday’s close
• 

  28/05/13

  Proactive news summary, featuring Seeing Machines, ReNeuron, Leyshon, Northcote, Sirius Minerals, Archipelago Resources, Orosur Mining, Rambler
• 

  28/05/13

  Broker Round-up II: Archipelago Resources, Sirius Minerals, Northcote Energy, Anglo Asian Mining, Mwana Africa

• 24/04/13

  24.04.13 :-0.75, (47.25) Canaccord Genuity reiterates its "buy" rating but cut its price target to 68p from 75p.

  24.04.13 :-0.75, (47.25) Canaccord Genuity reiterates its "buy" rating but cut its price target to 68p from 75p.
• 05/03/13

  Press: 05.03.13: -1.37, (54.38) Press: Source - Independent Solid exploration results released on Friday saw the company pledge to pay out 10... read more

  Press: 05.03.13: -1.37, (54.38) Press: Source - Independent Solid exploration results released on Friday saw the company pledge to pay out 10 per cent of its operating cash flows in dividends.
• 05/03/13

  Press: 05.03.13: -1.37, (54.38) Press: Source - Independent Solid exploration results released on Friday saw the company pledge to pay out 10... read more

  Press: 05.03.13: -1.37, (54.38) Press: Source - Independent Solid exploration results released on Friday saw the company pledge to pay out 10 per cent of its operating cash flows in dividends.
• 15/10/12

  15.10.12 :-0.75, (61.5) Canaccord Genuity reiterates its "buy" rating and raised its price target to 75p from 67p.

  15.10.12 :-0.75, (61.5) Canaccord Genuity reiterates its "buy" rating and raised its price target to 75p from 67p.
• 25/07/12

  +0.00 +51.00

  Westhouse reiterates its "buy" rating but cut its price target to 67p from 75p.

  Westhouse reiterates its "buy" rating but cut its price target to 67p from 75p.

Archipelago's assets and operations are focussed on South East Asia.  We are the only significant gold producer with a head office in Singapore. 

Our principal gold mining project is at Toka Tindung in North Sulawesi, Indonesia.  Toka Tindung is fully operational and comprises a current resource of 3.10 million gold equivalent ounces; Archipelago holds a 95% interest in the project.

We also maintain an exploration team in Vietnam, reviewing opportunities in Indo-China, and we hold rights to acquire majority interests in a number of exploration projects in the Philippines.  

INDONESIA

Toka Tindung Gold Mine Project

Overview

Our Indonesian assets comprise our flagship Toka Tindung Gold Mine project, located 34 km north east of Manado, North Sulawesi, Indonesia. 

The project covers a total area of 400km2, with mining operations fully permitted under two valid "contract of work" mining concession held by Indonesian companies PT Meares Soputan Mining and PT Tambang Tondano Nusajaya.  Archipelago owns 95% of these permit-holding companies (the 5% balance is held by PT Rajawali Corporation, Archipelago's major shareholder).  Toka Tindung is fully operational and all infrastructure is in place. The first gold pour took place in April 2011 and nameplate production was achieved in November 2011.

In January 2012, we announced an increase in the Toka Tindung JORC compliant resource and reserves estimate, bringing the total estimated resource to 2.69 Moz Au Eq at a cut-off grade of 1.53 g/t. The Toka Tindung deposit is comprised of five open pits (one main pit and four satellite pits as detailed below).  With recent increases in the resource estimate, the current mine plan calls for nine years of open pit mining, then a further seven years of stockpile processing, to give a total 16 year life of mine. The mine plan estimates average production of circa 160 Koz Au Eq per annum at a head grade of 2.89g/t over the first six years of mine life (from 2012 onwards).

The Toka Tindung processing plant is already achieving nameplate production capacity of 1.7Mtpa, with recovery rates after processing averaging around 92% in Q1 2012.  We are actively exploring a range of optimisation strategies and plant additions to continue to improve efficiencies and recovery rates.

The drilling program that resulted in our January 2012 resource increase focused on the Toka Tindung and Kopra pits (comprising 55% and 10% respectively of the current Toka Tindung mineral reserve).  Archipelago is continuing with an active near mine exploration program over the course of 2012 and 2013, with drilling ongoing at Toka and Kopra and additional near mine exploration planned at Pajajaran, Araren and Blambangan.  All of our current JORC compliant ore bodies are open at depth and along strike and we are confident that continuing brownfields exploration will result in further material resource and reserve increases.  In addition, the overall project area is only partially explored and there are a number of prospective targets with near surface intercepts that may provide future discoveries of additional economic deposits. 

If sufficient increases in compliant resources are achieved, this may provide a basis for increases in processing capacity at the Toka Tindung plant.  Our future focus for Toka Tindung is to continue to grow the asset and increase our production profile.

Archipelago maintains an exploration team in Hanoi, Vietnam, which is responsible for pursuing and reviewing opportunities in Vietnam and across Indo-China.  Team members have strong and effective relationships with Government and business leaders across the region.

Setting, population and climate

The Project site is centred on 1º35" North Latitude and 125º40" East Longitude and is bordered by the Malucca and Celebes seas.  Sealed roads link the site to the area's international airport near Manado and the deep-water port at Bitung, which is 30km to the south of the site.

Sulawesi Island's total population is over 17 million; North Sulawesi province has a population of about 2 million people.  The majority of the population has completed secondary school, with 9% of the population estimated to have received tertiary qualifications.  Including contractor staff, the Toka Tindung Project employees around 1,500 people.  The workforce breakdown is approximately: 70% local community; 25% broader Indonesia; 5% expatriate.

The Project is located slightly north of the equator and has an equatorial climate.  Annual rainfall averages over 3,000 mm, with a shorter dry season, typically from July to October, and a long wet season from November to June.  Mean temperatures are uniform, varying by only a few degrees within the range of c.25°- 28°C throughout the region and throughout the year.

For additional details on some key aspects of the mine please click here

VIETNAM

Archipelago maintains an exploration team in Hanoi, Vietnam, which is responsible for pursuing and reviewing opportunities in Vietnam and across Indo-China.  Team members have strong and effective relationships with Government and business leaders across the region.

PHILIPPINES

Archipelago has a number of agreements with the Philippines registered company, Corplex Resources, Inc. ("Corplex"), which give Archipelago a right to acquire not less than an 80% interest in a portfolio of various exploration tenements in the Philippines held by Corplex. These tenements are predominantly located in the gold-copper rich Surigao peninsula of North East Mindanao, which area is host to the high-grade Boyongan copper-gold porphyry, and include a number of tenements in the vicinity of Medusa Mining's Co-O gold mine.

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. 

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.

Archipelago has been notified as at 31 December 2012, the following interests of 3% or more in its issued share capital.

Number of ordinary shares in issue:  575,532,635.

Number of unlisted options outstanding:  7,753,301.

As far as Archipelago is aware, the percentage of its issued share capital that is not in public hands is 67.4% (comprising the holdings of PT Rajawali, Columbia Wanger, Baker Steel and the Directors' beneficial holdings).

This information is current as of 31 December 2012