Geopacific Resources has completed requirements for the earn-in agreement with Kula Gold to acquire up to 80% of the Woodlark Gold Project on Woodlark Island in Papua New Guinea. The company’s focus is to maximise the development potential of the project in the shortest possible timeframe after which it will look toward further exploration potential.
The decision by the Board of Geopacific to proceed to the second tranche of the transaction entitled the company to 5% of Woodlark on execution of the formal agreements. These agreements have been executed in accordance with and replacing the Binding Term Sheet.
Shares are being issued to Geopacific with immediate effect and Geopacific’s managing director Ron Heeks has joined the board of Woodlark Mining Limited, the Papua New Guinea company that holds the licences for Woodlark.
The current resource for Woodlark is 45.1 million tonnes @ 1.50 g/t gold for 2.12 million ounces, including 26.7 million tonnes for 1.32 million ounces of measured and indicated mineralisation.
Ron Heeks said, “The agreements are complete and we are delivering our development plan for Woodlark as promised. This is another step in the right direction of moving Woodlark along the path to production.”