Indo Gold Ltd (IGL) is an unlisted public company
with its head office in Brisbane, Queensland,
Australia. In October 2004 it formed a JV
with Metal Mining India Pvt Ltd (MMI), a privately-owned
Indian company, with IGL and MMI holding 70%
and 30% respectively. To manage the affairs
of the JV, the partners established a private
Indian company named Indo Gold Mines Pvt Ltd
(IGMPL), which has its registered office in Bangalore, Karnataka State.
The
mineral properties over which IGMPL has
rights are located in Southern Rajasthan and
are known collectively as the Jagpura Project.
Exploration undertaken here over the past
decade by both the Geological Survey of India
(GSI) and Hindustan Zinc Ltd (HZL) has resulted
in the identification of gold mineralisation
estimated to be in excess of 2 million ounces.
This exciting and emerging new gold district
has attributes that allow comparisons with other
major, Lower Proterozoic gold provinces around
the world, e.g. Telfer (Western Australia), Homestake
(USA), and Pilgrims Rest (South Africa). Jagpura
is considered to have the potential to become
a very large gold project, based on a series
of open pit mineable deposits.
Under the terms of the JV with MMI, IGL can elect
to secure minerals rights over applications pending
in other States of India. While the Jagpura landholdings
will form IGL’s core business, the company
will endeavour to build a strong, integrated exploration
portfolio for gold and related metals throughout
India.
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