Resource round-up: Archipelago Resouces, Max Petroleum
Archipelago Resources said new tests at its Toka Tindung mine in Indonesia demonstrated the site's potential as a multi-million ounce mine deposit. "Combined with the results reported earlier in the year, these high-grade intercepts now have the potential to again materially increase our economically defined gold resource, providing a further platform for growing our production profile and increasing shareholder value," the firm said.
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Archipelago Resources said new tests at its Toka Tindung mine in Indonesia demonstrated the site's potential as a multi-million ounce mine deposit. "Combined with the results reported earlier in the year, these high-grade intercepts now have the potential to again materially increase our economically defined gold resource, providing a further platform for growing our production profile and increasing shareholder value," the firm said.
Max Petroleum, an oil and gas exploration and production company focused on Kazakhstan, lost 10% of its value today after it gave up on its BSBNE-1 exploration well on the Besbolek North-East prospect. The well reached a total depth of 1,328 metres without encountering producible hydrocarbons, it said. It will now be plugged and abandoned.
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