Archipelago Resources has gained the approval of the Indonesian government for the development of the Toka Tindung gold project in Sulawesi.
The shares jumped 5.5p to 32p. Archipelago hopes to finalise its loan facility in the near future.
The delays in the project have been a blessing in disguise. The gold price has risen and the projectis even more attractive.
Construction of the mine should be completed by the end of 2008. Chief executive Colin Loosemore is meeting with major shareholders this week in order to outline the development programme.
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