PAPUA Mining plc reports that all resolutions involving funding for its PNG mining activities have been passed by its shareholders at a general meeting in the UK.
Papua has raised a total of £512,000 through the issue of 40,000,000 new ordinary shares to Thalassa Holdings Ltd and 11,200,000 new ordinary shares to existing shareholders.
The offer for Subscription, was made by the Papua Board to allow existing shareholders to have the opportunity to invest in the company on the same terms as the subscription by Thalassa Holdings. As a result of the new agreements Thalassa’s shareholding will represent 26.7% of the enlarged share capital of Papua.
Papua Mining plc is a UK company focused on the exploration and development of gold and copper deposits in PNG.
Papua Mining director, Hugh McCullough, said the company was pleased by the support received.
“We are very pleased with the strong support for our exploration in Papua New Guinea shown by our new shareholder Thalassa and by our existing shareholders who participated in the Offer.
“We look forward to the next stage of exploration at our exciting Mt Visi target which is due to commence shortly.”
The PM Group holds six Exploration Licences on New Britain island with a total area of 1,112 square kilometres. Most of the licences are in West New Britain Province. In addition to the currently held ground, the Group has three licence applications pending.
The New Britain licences cover an area which straddles the so called Kulu-Fulleborn Trend, a NW-SE trending belt of mainly intermediate volcanic rocks and associated, sub-volcanic intrusives which host a number of historically reported porphyry copper mineralisation targets, particularly those at Simuku, Plesyumi and Nakru.
Papua Mining’s most recent driling activity in 2014 and 2015 was a commenced a follow-up programme to test for the deeper porphyry bodies interpreted from the shallower vector drilling programme.
The first deep hole, DDH012, was completed in early-August 2014.
By January 2015 the company completed four additional deep (each >950 metre) holes. By the end of the first quarter of 2015 approximately 7,000 metres had been drilled at Tripela.