PSAB:JK

212

+0.00 (+0.00%)

GOLD

1,293.80

+10.90 (+0.85%)

Corporate Structure

The Company controls a number of operating entities through its wholly owned subsidiary PT J Resources Nusantara (JRN), the majority of whose shares are owned by the Company. Each project area requires a separate company to manage its business in Indonesia as required by the current mining laws and regulations. In Indonesia, older tenements are held under Contract of Work (CoW) while recent tenements are held under Mining Business Permits (IUP'S). The structure of Company ownership and assets held is as follows:

 

 

PT J Resources Nusantara (JRN)

 

JRN is a subsidiary of the Company that acquired the Southeast Asian assets of London-listed Avocet Mining Plc, held in Indonesia and Malaysia as of June 2011. At the time of acquisition; only two assets were in production: North Lanut (North Sulawesi, Indonesia) and Penjom (Pahang, Malaysia). JRN now has four operating mines; Bakan, Seruyung, North Lanut, all in Indonesia and Penjom in Malaysia.

 

PT J Resources Bolaang Mongondow (JRBM)

 

JRBM is a subsidiary of JRN and holds a Contract of Work (CoW) covering 58,150ha in two separate land blocks; the Bakan Block and North Lanut Block, both in North Sulawesi Province, Indonesia.

 

•    The Bakan Block contains the Bakan gold mine that has been in production since December 2013. It has JORC (2012) compliant Proven and Probable Reserves as at 31st December 2015 of 651,454 ounces gold contained within Measured, Indicated and Inferred Mineral Resources of 1,104,000 ounces gold.

•    The North Lanut Block contains the North Lanut gold mine which has been in production since late 2004. It has JORC (2012) compliant Proven and Probable Reserves as at 31st December 2015 of 174,023 ounces gold contained within Measured, Indicated and Inferred Mineral Resources of 512,000 ounces gold.

 

PT Sago Prima Pratama (SPP)

 

SPP is a subsidiary of JRN and holds a Mining Business Permit (IUP) covering 3.560ha in North Kalimantan Province, Indonesia. The tenement consists of a single land block which contains the Seruyung gold mine which has been in production since January 2015. It has JORC (2012) compliant Proven and Probable Reserves as at 31st December 2014 of 321,027 ounces gold contained within a Measured, Indicated and Inferred Mineral Resource of 422,000 ounces gold.

 

PT Gorontalo Sejahtera Mining (GSM)

 

GSM is a subsidiary of JRN and holds a Contract of Work (CoW) covering 14,570ha in three separate land blocks; the Pani Block and Bolangitang Block in North Sulawesi Province and the Bulagidun Block in Central Sulawesi Province, Indonesia.

 

•    The Pani Block contains the Pani gold deposit and has JORC (2004) compliant Measured, Indicated and Inferred Mineral Resources at 31st December 2015 of 379,000 ounces gold.

•    The other blocks have no complaint JORC resources but hold known discoveries of gold and copper that await further exploration.

 

PT Arafura Surya Alam (ASA)

 

ASA is a subsidiary of JRN and holds a Mining Business Permit (IUP) covering 4,000ha in North Sulawesi Province, Indonesia. The tenement consists of a single land block which contains the Doup gold deposit that is currently at feasibility stage. Doup has a JORC (2004) compliant Measured, Indicated and Inferred Mineral Resources as at 31st December 2015 of 1,369,000 ounces gold.

 

J Resources Gold (UK) Limited (JRGL)

 

JRGL is a subsidiary of JRN and holds a series of Mining Licenses and Mining Concessions covering 1,221.83ha in Pahang State, Malaysia. The tenement consists of a single land block which contains the Penjom gold mine which has been in production since late 1996. It has JORC (2012) compliant Proven and Probable Reserves as at 31st December 2015 of 668,410 ounces gold contained within a Measured, Indicated and Inferred Mineral Resource of 1,358,183 ounces gold.