|An aerial view of Indochine Mining’s Mt Kare Gold-Silver Project.|
INDOCHINE Mining has appointed Sir Sam Jonah as an adviser to the company to assist with the upcoming fund raising and continuing development of the Mt Kare Gold-Silver Project. Following completion of the capital raising, Sir Sam Jonah will be appointed chairman of the Company’s Board of Directors.
Sir Sam Jonah is a leading business executive with an extensive track record of successfully leading major gold projects around the globe. He was educated at Adisadel College in Ghana, Camborne School of Mines in Cornwall, UK and The Imperial College of Science and Technology in London.
His business career began in 1969 at the Obuasi Gold Mine in the Ashanti region, Ghana. He became deputy CEO of its holding company Ashanti Goldfields at the age of 31. He was appointed chief executive officer of Ashanti Goldfields in 1986 and oversaw its growth from a one mine operation into a multinational business. In 1996, Ashanti, which had listings in London and Ghana, became the first operating African company to be listed on the New York Stock Exchange.
In 2004 he became executive president of AngloGold Ashanti following the merger of AngloGold and Ashanti to form the world’s second largest gold producer. He has served on the boards of numerous public and private companies. He is a director of Vodafone Group Plc and sits on the Bank of America Global Advisory Council.
Indochine has also directed Australian Contract Mining (ACM) to mobilize a small team of supervisory personnel to PNG to assist with all aspects of planning and logistics of the proposed exploration adit and underground diamond drilling program at Kt Kare. The company is also designing a 7km heavy-duty access track to the site, which will enable mining equipment to be mobilized to the exploration adit.
To help develop the adit, Indochine intends to raise more than Aus$3.541 million from a private placement. This will be in addition to new funding provided by the secured lender.
The Landowner Investigation Study (LIS) that was completed and registered with the Mineral Resources Authority (MRA) in PNG was successfully presented in a workshop on July 7 and 8 to the PNG national government, provincial governments of Enga and Hela and the Local Level Governments in both provinces.
Since the project is in Enga province, the Enga Provincial Government (EPG) will be responsible for signing off on the Landowner Investigation Report (LIR). The EPG sought clarification on some key aspects of the LIS and these have been provided to their satisfaction.