SUBSEA mining proponent Nautilus Minerals Inc. has received a US$770,000 loan from Deep Sea Mining Finance Ltd under a previously announced loan agreement between the company, two of its subsidiaries and the lender which provides for a secured structured credit facility of up to US$34 million. Pursuant to the Loan Agreement, Nautilus has issued to the Lender an additional 3,307,560 warrants of the company in connection with the US$770,000 loan.
WOODLARK Gold Project operator Geopacific Resources Ltd says it had identified some significant cost cutting improvements in its plan for commercialising the Woodlark Island based project. The company has announced that it has pushed back the release of the Woodlark Gold Project’s Definitive Feasibility Study (DFS) to later in the current December quarter in order to incorporate the benefits identified since the March 2018 Pre-Feasibility Study (PFS). Geopacific managing director,
PNG minerals company Highlands Pacific Limited has confirmed that Ramu project operator China’s Metallurgical Corporation of China Limited (MCC) is examining a potential US$1.5 billion expansion of the nickel and cobalt project near Madang. Highlands, which holds an 8.56% interest (increasing to 11.3% upon repayment of project loans to Metallurgical Corporation of China Limited (MCC)) in Ramu, said further details of any proposed expansion are still being finalised. The project has
FRONTIER Resources Limited has announced that the Warden’s Court Hearing for exploration licences EL-1595 (Bulago) and EL-2356 (Muller Range) in the Southern Highlands Province was very successful. The Warden’s Court Hearings to consult with landowners are part of the normal tenement renewal process which will now proceed to the Mining Advisory Council for their recommendation to the Minister for Mining. Frontier said informal discussions with landowner groups were initially held
SUBSEA mining proponent Nautilus Minerals Inc. reports that it has recently made progress on financing plans to develop the Solwara 1 Project off the PNG coast. Nautilus has entered into a financial advisory services agreement with Metals Logistics Investments Limited (MLI), a Dubai registered advisory firm focusing on companies in the resource sector with professionals in the UK, Switzerland and the US. MLI is advising Nautilus on alternative funding solutions.
MISIMA Island minerals explorer Kingston Resources Limited has unvielled a new high-grade gold opportunity in its ongoing regional exploration campaign. The company’s auger programme, undertaken over the Ara Creek prospect, has defined a gold anomaly more than 400m long and open along strike, with individual auger samples assaying up to 4.18g/t Au. Kingston said its field team has also identified and surveyed five historic underground adits within the prospect area,
KAINANTU area miner K92 Mining Inc. has released further promising results from its continuing diamond drilling programme at the Kora North Extension. Results from Hole KMDD0098 recorded multiple intersections including 4.54 m at 58.63 g/t Au, 6 g/t Ag and 0.63% Cu (59.63 g/t AuEq) plus 7.70 m at 8.81 g/t Au, 63 g/t Ag and 0.58% Cu (10.49 g/t AuEq) plus 1.92 m at 3.74 g/t Au, 17 g/t Ag
The PNG Chamber of Mines and Petroleum has welcomed the release of the official Statement of the 6th Meeting of the APEC Ministers Responsible for Mining Meeting, following the Ministers’ meeting in Port Moresby on August 23. In the statement, the APEC Ministers said that “sound regulatory and fiscal frameworks are essential to encourage investment in mining, as are security of tenure to investors and stability of investment terms, as
The PNG Chamber of Mines and Petroleum has commended APEC Ambassador Ivan Pomaleu and Australian High Commissioner to Papua New Guinea Bruce Davis for including a discussion on mining as part of the APEC Discussion Series at the University of PNG. The discussion gave students and members of the public the opportunity to hear from international mining expert John Strongman who was visiting PNG to moderate the APEC Mining Ministers’
GEOPACIFIC Resources Ltd reports that first results from the island- wide sampling programme at the Woodlark Gold Project have returned encouraging results in the Eastern Region as well as adjacent to the Woodlark King deposit, with several high-grade anomalies identified. The company said the results will assist in advancing the existing 1.57Moz Au Resource towards Geopacific’s exploration target which has a range of 53.3Mt @ 2g/t Au to 105 Mt@