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Nautilus receives additional loan under secured loan facility 

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. [...]

Geopacific identifies significant operational cost improvements for Woodlark Gold Project

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, [...]

Highlands confirms Ramu expansion plans

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 says Bulago and Muller Range Warden’s Hearing a success

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 [...]

Nautilus reports mixed news on progress with subsea mining plans

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. [...]

UPNG medical students fulfill rural placement on YWAM Medical ship

THREE of Papua New Guinea’s upcoming doctors have been getting critical exposure and experience in PNG’s rural villages in Oro and Milne Bay Provinces over the last three weeks while aboard the YWAM Training and Medical Ship, MV YWAM PNG. The final year University of Papua New Guinea medical students, Jemimah Taganny, Georgina Matengim, and Margaret Maku, are completing their final rural placement before they graduate in April. The students have [...]

PNG DPM satisfied with success of sovereign bond roadshow

PNG’s Deputy PM and Treasurer, Charles Abel, says the countries international roadshow to market its inaugural sovereign bond was a success. The DPM and delegation covered Singapore, Hong Kong, London, New York, Boston and Los Angeles in 10 days. In a packed schedule arranged by global lead coordinator Credit Suisse and joint bookrunners Citibank the delegation presented to around 100 global banks and fund managers at 7 meetings per city. [...]

Kingston says high-grade auger results highlight potential at Misima North

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, [...]

PNG resource industry supporting development of small and medium enterprises

THE PNG Chamber of Mines and Petroleum is encouraging more landowner and local companies to diversify their operations, and expand outside of project areas to be more competitive and sustainable. Speaking at the APEC MSME & Innovation Summit in Port Moresby, the president of the PNG Chamber of Mines and Petroleum, Gerea Aopi, said the resource industry had helped to establish many of PNG’s micro, small and medium enterprises (MSMEs) [...]

K92 reports multiple high-grade drill results in Kora North extension 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 [...]