NEW YORK, NY and JAKARTA, INDONESIA--(Marketwired - Sep 5, 2014) - Vanguard Mining Corporation (PINKSHEETS: VNMC) today announced that PT Raksasa Metal Agung, an Indonesian partner of Vanguard, has been working on the licensing and permitting procedures for the joint operation gold and copper mining project in Karang Tengah District, Wonogiri Regency, Central Java Province, Indonesia. The company expects to complete all the requirements within the month of September 2014.
PT Raksasa Metal Agung estimates it will take about three months after securing the required licensing and permitting to begin operation and production at this location. A recent survey reported highly favorable laboratory analysis results from the prospective mining area in Wonogiri Regency, with copper content of over 14%, silver at 17.50 ppm and gold 9.20 ppm. On another note, for the 8,100-hectare gold concession with PT Cendrawasih International in Mandailing Natal, North Sumatra, Indonesia, the Company intends to conduct a staged exploration program to obtain a JORC-compliant feasibility report before going into operation and production.
VNMC believes this joint operation project in Wonogiri will be the first one in Indonesia to generate revenues and cash flows for the Company in the near term, followed by the 3,500-hectare gypsum and limestone concession in Nusa Tenggara Timur, Indonesia. These are in addition to the supply of construction and reclamation sands to Singapore, which is also expected to yield sustainable revenues and profitability for the Company. VNMC anticipates providing further concrete financial guidance in the next few weeks.
Agung Yudyasmara, President of PT Raksasa Metal Agung, said: "We are confident that once we have completed the required licensing and permitting procedures we will be able to quickly go into production and generate revenues to bring immediate economic benefits for shareholders of both companies."
Jalani Haniffa, VNMC's President, said, "While developing existing large-scale long-term undertakings that may turn VNMC into a major player with potentially billions of dollars in valuation in the future, we need to focus on near-term projects that can provide immediate revenues and profitability before we can get to the next level. We intend to prudently mobilize and utilize resources in order to capitalize on these opportunities and initiate a robust momentum to advance our business strategy."
About Vanguard Mining Corporation
Vanguard Mining Corporation, a Nevada corporation established in 1987, is currently building and developing a portfolio of mineral assets in Southeast Asia, including gold, copper, gypsum, limestone, and manganese in Indonesia as well as sand in Vietnam. The company has also investigated mineral asset opportunities in other geographical areas. http://www.vnmcglobal.com
Safe Harbor: This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.