www.robustresources.com.au
Robust Resources Limited (ASX: ROL) is a Sydney-based miner exploring for Gold-Silver and Base Metals on Romang Island in Indonesia’s richly endowed Banda Magmatic Arc, 650km northwest of Darwin.
Robust is exploring highly prospective ground previously explored by Biliton (1990s). An initial 2000m drilling program with the Lakuwahi Caldera Project has identified wide zones of gold-zinc-silver-lead-copper mineralisation. All holes completed in the first round of drilling by Robust were open in every direction and at depth.
Robust is accelerating its exploration program in the 2010 financial year with a target of 5000m to be drilled using owner-operated diamond drill rigs and a local labour force for continuing economic efficiency.
With experienced management who have a track record of major discoveries, Robust holds a 51% interest in five mineral titles totalling 25,000ha covering the entire Romang Island, with an option to increase to 75%.
Robust Resources chairman increases stake through on-market purchase
Robust Resources (ASX: ROL) chairman David King has boosted his indirect share in the company with an on-market trade of 40,000 shares for a consideration of $52,176 - for an average entry price of $1.30.
King now holds 100,000 Robust shares.
Robust is in a very interesting phase and just last month completed the sale of a 22.5% interest in the Romang Island project to Salim Group company PT Kilau Sumber Perkasa (PT KSP) for A$31.6 million.
Robust shareholders will retain a 77.5% interest.
The additional funding will bring Robust's cash balance to more than A$50 million, supporting the company's drill program at the North Romang Project in Indonesia, after an extensive year long preliminary geophysical exploration campaign.
