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Far East Gold Takes Majority Ownership of Indonesia Gold Project

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Far East Gold (ASX:FEG) said it now holds 51% ownership of the Idenburg gold project in Indonesia following the completion of the first stage of a conditional share purchase agreement, according to a Monday filing with the Australian bourse.

The company issued 50 million ordinary shares to Eloquent Enterprises in stage-one consideration at a price of AU$0.13 each for AU$6.5 million, per the filing.

Far East Gold said it will have the right to increase its ownership of Idenburg to 80% upon the Indonesian Ministry of Energy and Mineral Resources' acceptance of a feasibility study that is expected to be filed by the fourth quarter.

The project hosts an inferred mineral resource of about 780,000 ounces of gold at an average 3.1 grams per tonne grade.

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