Statement

PT Meares Soputan Mining (MSM) and PT Tambang Tondano Nusajaya (PT TTN), is an Indonesian limited liability company, formed in the framework of Foreign Investment. The goal, to open gold mines in the area Toka Tindung, located 35 km northeast of Manado, North Sulawesi, located in North Minahasa and Bitung City.

Majority share of PT MSM and TTN PT, held of Archipelago Resources, Plc, which previously took over ownership of PT. PT MSM and TTN in 2002, from Aurora Gold, and actively conduct various studies to look at the possibility of Toka Tindung project development to production stage. This study included technical studies, project economics, and banking study for funding.

The project includes two Contracts of Work (COW), namely KK PT MSM, 95% owned by AR Pte Ltd and 5% by PT Archi Indonesia, and KK PT TTN, 95% owned by AR Pte Ltd and 5% by PT Archi Indonesia. Majority share Archipelago Resources, Plc, held of  Rajawali Corpora (51.1%).

In 1986, extensive Contract of Work (CoW) of MSM reached about 741,000 ha. While today, who still preserved is 8.986 ha, or approximately 1.3 percent, from the initial area households.

Until January 2009, PT. PT MSM and TTN, has invested a total fund of U.S. $ 110 million, and still will make an additional investment of approximately U.S. $ 80 million during the year 2009-2010, to complete the construction project.

Since signing the Contract of Work with the government in 1986, plans to enter production in 2010, the activities of MSM and PT TTN in North Sulawesi, has reached at least 24 years. Chronology a brief history of MSM and PT TTN, can be described as follows: MSM: MSM is KK Page Generation IV (1986), and TTN: KK Generation VI (1987). Development (1994) EIA (1998), Construction 1998-1999, 1999-2005 Suspension, Revised EIA (2006-2007), Construction (2008), Feasibility Agreement EIA (2009), and Mining & Production is planned in early 2011.