Far East Gold Ltd (FEGDF) Woyla Project Update

Far East Gold Limited (ASX:FEG) (OTCMKTS:FEGDF) provided an update on its interest in the Woyla Project in Aceh, Indonesia.

Under the Conditional Share Purchase Agreement (CSPA), the Company had a pathway to increase its ownership interest in the Woyla Project to 80%, subject to the completion of a Feasibility Study.

The Company had been progressing an agreement with the vendor to explore a direct pathway to increase its economic interest to 100% without the requirement to complete a Feasibility Study. Agreement on final terms was not able to be reached at this time.

FEG will continue to hold a 51% interest in the Woyla Project. No Feasibility Study has been commenced and further exploration activities at the project will not be undertaken at this stage.

CEO, Shane Menere commented:

"The Company was unable to reach agreement on a direct pathway to 100% due to a number of factors including current market conditions. By retaining our existing 51% interest, FEG preserves exposure to the potential future upside of Woyla, while allowing FEG to focus funds and activities on the Idenburg Project where it considers there to be a more immediate development pathway. FEG will continue to assess potential value enhancing pathways for the Woyla project in conjunction with the vendor."

Justin Werner
Chairman
e:justin.werner@fareast.gold

Shane Menere
Chief Executive Officer
e:shane.menere@fareast.gold
 m: + 61 406 189 672
 + 62 811 860 8378

Tim Young
Investor Relations & Capital Markets
 e:tim.young@fareast.gold
 m: + 61 484 247 771

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