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Roboto Condensed

Far East Gold inks binding term sheet for high-grade Idenburg Gold Project

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Far East Gold Ltd (ASX:FEG, OTC:FEGDF) has locked-in its right to acquire up to 100% of the economic interest in the Idenburg Gold Project in Indonesia after signing a binding term sheet agreement with Pt. Iriana Mutiara Idenburg (IMI).

This gold project falls under a contract of work (CoW) with FEG the sole holder of rights to explore, develop and operate the project.

Global geological and mining consulting firm SMGC’s independent evaluation of historical exploration data at Idenburg estimates potential for 7.2 million ounces at 6.1 g/t gold as an upper-range, conceptual exploration target, which includes 14 separate prospect areas.