Siburan Resources (ASX: SBU) is focused on the discovery of gold and uranium deposits in the Kalgoorlie region of Western Australia, and also has projects in New Zealand targeting tungsten and gold.
Following the listing of Siburan Resources in May 2010, the company's current primary focus surrounds the development of its key projects, the Mt. Pleasant Gold Project and the Goongarrie/Lake Marmion Uranium project. It has also expanded its portfolio of gold and uranium projects with the acquisition of the Canegrass project and the expansion of the Lake Marmion Uranium tenements.
Siburan Resources adds PNG exploration JV with RH Resources to its portfolio
The association with RH Resources is paying dividends as in November, the company took a placement of 10 million shares in Siburan as part of a capital raising becoming a substantial holder in Siburan.
RH Resources is associated with Malaysia's Rimbunan Hijau Group, one of Malaysia’s largest multi-industry companies.
Under the agreement, Sibruan will hold a 30% share of the joint venture and RH will hold the balance of the joint venture. Funding of the JV will be on a pro-rata basis in proportion to holdings.
PNG is the one of the world’s most prospective regions for mineral wealth and currently has several world class operating mines including Porgera and Mt Kare.
Siburan Resources’ managing director, Mr Noel Ong said, “We are very excited to be working with RH Resources as we intend to be a significant mineral exploration player in PNG. PNG is a world class resources area, rich in precious and base metals such as gold, copper and nickel.
“Papua New Guinea is famous for its large multi-million ounce gold deposits such as Porgera and Mt Kare. In addition, the recent development of the Hidden Valley and Wafi deposits highlights that there are still large deposits undiscovered or undeveloped.
“We firmly believe that partnering with the RH Resources will allow us to establish ourselves as a major player in a very prospective yet challenging area. We are confident our exploration activities will be well funded and managed given the significant experience of our partner in PNG.”
Siburan will have an active management role in the sourcing and management of the exploration projects.
RH Resources Limited is a Malaysian registered company (under the Labuan Company Act 1990) in which the sole director and shareholder is Mr David Chiong Ong Tiong. Mr David Tiong is also the executive director of the Rimbunan Hijau Group (“RH Group”).
The RH Group is one of Malaysia’s largest multi-industry companies operating and controlling many industries in many countries around the world. It has established a successful presence in PNG for 22 years. The group was established in 1975 and has an estimated annual turnover of more than 1 billion US dollars, according to the Malaysia-China Business Council.