ON TRACK for submission to the PNG government by the end of the second quarter of 2016, the Frieda River project feasibility study has been undergoing internal review prior to independent peer review in the second quarter, PanAust said.
Joint venture partner Highlands Pacific said PanAust advised the feasibility study was delivered to Highlands in May.
The feasibility study will be reviewed by independent experts, and subsequently may provide support for an application to the PNG government for a special mining lease, enabling the project to proceed to development, Highlands said.
At the Frieda River project site, during the March quarter, PanAust said work progressed on the construction of an exploration access track.
PanAust said the exploration access track will improve access and flexibility in logistics to the main camp site from both the Freida River and the existing airstrip.
PanAust managing director Fred Hess said the feasibility study is largely complete.
“The study remains on track for submission to our joint venture partner, Highlands Pacific during the second quarter. It is expected that it will be submitted to the government of Papua New Guinea by the end of the second quarter; initiating the process for regulatory approvals,” he said.
PanAust is a wholly owned subsidiary of Guangdong Rising Assets Management (GRAM).