PAPUA NEW GUINEA - Mount Suckling sale finalized

Papuan Precious Metals (PPM) has sold a 90% stake in its Mount Suckling project in PNG’s central range to Suckling Minerals, a new company established by the former chief operating officer and a Board director of PPM. The company will maintain a 10% carried interest and retain a 2% net smelter royalty.  1

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PAPUA NEW GUINEA - New Britain drill program completed

Coppermoly is awaiting assay results from its New Britain Island projects after completion of a drilling and exploration program. Barrick PNG Exploration was contracted to carry out drilling at the Simuku, Talelumas and Nakru projects, spending more than $23 million at the tenements during the last three years.  1

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PAPUA NEW GUINEA - Rio Tinto may restart Panguna

Rio Tinto will investigate the possibility of restarting operations at its Panguna copper-gold mine on Bougainville Island, after closing it more than 25 years ago due to protests from local villagers. The company’s subsidiary Bougainville Copper has completed a study at the site which confirms at least 5 million tonnes of copper and 19 million ounces of gold are still hosted within the mine.  1

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