Kula Gold secures working capital facility

KULA Gold has arranged a working capital facility for Aus$3 million with RMB Resources. The facility ensures the company is funded through the final stages of the PNG Government approval process for the Woodlark Island Gold Project and provides working capital for most of 2014.

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Nautilus aims to push on with Solwara 1

AFTER receiving a favourable decision on arbitration with the State of Papua New Guinea, Nautilus Minerals aims to bring the Solwara 1 polymetallic seafloor massive sulphide deposit into production as soon as possible. In light of the arbitrator’s award, Nautilus will work with the government to move the seafloor project forward.

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Marengo assured of funds for 2014

MARENGO Mining has agreed to a refinancing transaction with major shareholder Sentient Executive which will ensure financial support for operations at the Yandera Copper-Molybdenum-Gold Project through 2014. Sentient and its related entities hold 21.97% of Marengo, which would increase to 65.26% assuming conversion of all new debentures issued in connection with the refinancing.

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Drilling improves confidence in Garaina

INITIAL drilling at Kusi prospect of Pacific Niugini’s Garaina Gold Project, has added support to the possibility of discovering a large-scale epithermal gold and porphyry copper-gold system. Garaina is in the Owen Stanley Ranges, about 70km southeast of the Hidden Valley mine.

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