Western Mining Network Ltd's Board has announced that the company has exercised its option to purchase 51% of total issued shares of PT Genesis Berkat Utama. The stake was part of the Strategic Alliance with Borneo Brothers Limited.
Genesis has 2,276 hectares of manganese tenement located in Toli Toli, Central Sulawesi in Borneo. There are two potential jetty sites located twenty five kilometers from the tenement. The tenement was able to obtain a "clean and clear" certificate for its IUP license as well as completion of all environmental requirements and studies.
Manganese was found to be plentiful as samples obtained yielded 41.4% to 55.3% manganese content. There was also a geomagnetic survey conducted on 490 hectares of the tenement to identify concentrations and anomalies in the area.
From all these fact finding activities, it was determined by the Western's Board that the Genesis tenement provides both accretive value as well as revenue stream for the company.
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