JAPAN Oil, Gas and Metals National Corp (JOGMEC) has committed to a second year of investment in exploration for gold and base metals in Kratie province with its joint-venture partner Southern Gold, the Australian company said Monday.
Having committed US$1 million to the first year of exploration on three sites, JOGMEC has guaranteed the same amount of money to continue for a second year, Southern Gold said in a statement. The project is scheduled to last for three years.
"The commitment ensures the joint venture can continue to build on its early work in modelling, selecting targets, initiating drill schedules and focusing on resource definition in this very under-explored but highly prospective province," said Stephen Biggins, the company's managing director.
Further exploration work is scheduled to start after the rainy season in November, the statement added.