Triple Plate Junction (TPJ) has sold its only Vietnamese asset for a token £1 after deciding to divest its non-core properties. The company has accepted its exploration director William Howell’s exercising of an option to acquire the 70%-owned Pu Sam Cap gold-copper project in Vietnam’s northwest Lai Chau province.
As part of the agreement, TPJ will keep an undilutable free carried 10% interest in the project through to the commencement of commercial production from any resulting future mine.
TPJ’s chief executive officer Fraser McGee says, “We continue with our strategy to focus on PNG and wish Bill all the best with the future development of the project at Pu Sam Cap. We will continue to work closely with Bill as our experienced exploration director.”
The company says it is part of a broader strategy to withdraw from its non-core assets. The agreement is conditional upon William Howell covering the costs of TPJ’s withdrawal from Vietnam.
Pu Sam Cap originally comprised exploration licences covering 154sqkm, however in December 2010 a new exploration licence was issued under the provisions of the Mineral Law totalling 27sqkm and covering the best prospects discovered to date.
TPJ held a 70% interest in the project under a joint venture agreement with Vietnamese central and provincial state companies whose interests are carried to completion of feasibility studies.
The site has a possibility of hosting an iron oxide-copper-gold type deposit similar to that hosting the 760 million tonne Olympic Dam and 400 million tonne La Candelaria projects. The existence of vein systems carrying high grade gold is already evident from the existence of extensive, historical artisanal gold mining in the area within four prospects - Bai Bang, Xa Khaong, Upper Nam Dich and North Nam Tra.