PanAust to acquire major Frieda River stake

PANAUST Limited has entered into a share sale and purchase agreement with a subsidiary of Glencore Xstrata to acquire Glencore’s 80% interest in the Frieda River Copper‐Gold Project by acquiring all shares held by Glencore in Xstrata Frieda River Limited (XFRL), a PNG registered company. PanAust has also agreed to take a 7.5% stake in Highlands Pacific, which has the minority interest in the project, by way of a placement.

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Funds for underground adit at Mt Kare

INDOCHINE Mining will use around Aus$6 million raised in a 2 for 5 pro-rata non-renounceable entitlement offer to commence construction of an underground adit at Mt Kare Gold-Silver Project. The adit will enable Indochine to seek to achieve its near term target of defining 1 million ounces of gold at a grade of 10 grams/tonne gold.

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Alexander project enters third phase

ALEXANDER Mining’s project in the Prince Alexander range of East Sepik province is entering its third phase of exploration, according to PNG Minister for Trade, Commerce and Industry Richard Maru. This phase will involve drilling with two drills to operate at West Yangoru and one at Ulupu in Marprik.

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Bonanza grades revealed at Crater Mountain

CRATER Gold Mining has intersected very high grade gold in separate narrow mineralized structures underground in the High Grade Zone (HGZ) at Crater Mountain Gold Project. Bonanza grade assays returned from the No 1 East Cross Cut left hand wall include 0.2 metres @ 847 grams/tonne gold, 1.0 metres @ 554 grams/tonne, 0.2 metres @ 525 grams/tonne and 0.2 metres @ 523 grams/tonne.

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