Activity: Mineral exploration.
Stock Exchange: AR. (AIM)
Registered office
22 Melton St,
London, NW1 2BW,
United Kingdom.
Administration
17 Strome Rd,
Applecross, Perth,
Western Australia, 6153,
Australia.
Ph: (61 8) 9364 8301. Fax: (61 8) 9316 3819.
Email: cloosemore@iinet.net.au
Directors
Colin Loosemore (managing director)
Michael Arnett (non executive)
Barry Casson (non executive)
The directors of Archipelago have a long and successful history in the gold mining industry and two of the directors were also directors of the Brancote Holdings group, the first exploration company to list on AIM and one of the most successful in terms of returns on investment to shareholders.
Senior Management
Jeff Dawkins (chief financial officer),
David Morrison (chief operating officer - Toka Tindung Gold Project),
Dean Pontin (operations manager - Toka Tindung Gold Project),
Larry McGeechan (construction manager - Toka Tindung Gold Project).
The Company has a strong management team with considerable experience of construction and operation of gold mining projects in south east Asia.
Major Shareholders
Ocean Resources Capital Holdings plc 19.3% (at 11/10/2007)
Controlled Entities:
PT Tambang Tondano Nusajaja (85%)
PT Meares Soputan Mining (85%)
Toka Tindung Gold Project
In February 2002, the Toka Tindung Gold Project in North Sulawesi, Indonesia, was acquired by Archipelago Resources Plc from Aurora Gold Ltd, in consideration of the grant of a royalty which ramps up during the first year of production to a 0.375% uncapped gross production royalty on 85% of all the gold and silver produced from the project (equivalent to 0.31875% of total production).
In 2004 the Company purchased all of the core components of a complete gold processing plant located at El Tambo in northern Chile from Barrick Gold. The plant has been shipped to Indonesia for re-erection at Toka Tindung.
The project is financed by way of a US$42.5m syndicated loan facility arranged by Investec and equity raised by the Company in 2006.
Mining at the Toka Tindung Gold Project will be by way of 5 open pits with processing through a centralised CIL plant based on a reserve of 1.0m ozs of gold equivalent. The mineralogy of the Toka Tindung deposits is simple with indicated gold recoveries of approximately 94%. Construction work is well advanced with the target of production in 1st qtr. 2009 at an average rate of 160,000 oz of gold equivalent per annum over the first 6 years of production.
The project currently has an initial planned life of 8 years which given the excellent exploration potential existing at Toka Tindung, the Company is confident of substantially extending.