Newcrest Mining and Harmony Gold have unveiled plans to build one of the world’s lowest-cost gold mines for $2.5 billion less than previously budgeted. The joint venture partners aim to do so using a smaller, revised plan that will see the development of the massive Wafi-Golpu gold and copper deposit divided into two stages.

WCB Resources reports significant assay results from the second scout diamond drill hole completed at the Misima Porphyry Copper Prospect. The company is testing a potential tier-1 copper-gold porphyry target with an ongoing 4000 metre scout diamond drilling program.

Coppermoly Ltd has entered into a placement and convertible note agreement with a new investor, Jade Triumph International Ltd, to raise up to $1.5 million. The placement will result in Jade Triumph having a relevant interest in approximately 9.4% of Coppermoly’s shares.

The sum of US$113 million has been released from escrow to Nautilus Minerals which has resulted in formation of the joint venture between Nautilus and the nominee of the Independent State of Papua New Guinea in respect of the Solwara 1 project. The nominee is Eda Kopa (Solwara) Ltd, a wholly-owned subsidiary of Petromin PNG Holdings Ltd.

A scout drilling program at WCB Resources’ Misima porphyry copper prospect on Misima Island continues to provide encouragement. The company is testing a potential tier-1 copper-gold porphyry target.

Marengo Mining and its PNG subsidiaries have signed a debenture purchase agreement setting out the terms for a financing with its major shareholder, Sentient Executive GP IV Ltd for the General Partner of Sentient Global Resources Fund IV LP. Proceeds will primarily be for a new drilling program at the Yandera project.

TWELVE women’s associations and groups in mine impacted communities in Papua New Guinea have been selected to receive government grants. Representatives from these groups recently signed contracts with the national government to receive the grants worth more than 1 million Kina.

CRATER Gold Mining has been issued the Environment Permit for its Nevera High Grade Zone (HGZ) Gold Project at Crater Mountain. The permit was issued to the company’s wholly-owned PNG subsidiary Anomaly Limited by the PNG Director of Environment and Crater Gold is shaping up as Papua New Guinea’s next new gold producer.

Nautilus Minerals has entered into an agreement for the charter of a vessel to be first deployed for use at the Solwara 1 Project. Marine Assets Corporation (MAC), a marine solutions company based in Dubai which specialises in delivery of new build support vessels for the offshore industry, will own the vessel and provide the marine management.

Crater Gold Mining is set to become Papua New Guinea’s next gold producer following the grant to its PNG subsidiary Anomaly Limited of the Mining Lease for the High Grade Zone (HGZ) Gold Project at Crater Mountain.

GE HAS announced the appointment of Peter Loko as its country head for Papua New Guinea. The appointment coincides with GE officially opening its first office in the country.

Initial assays from the first scout drill hole at WCB Resources’ Misima prospect on Misima Island have demonstrated a broad zone of anomalous copper over 188 metres. The diamond drilling is testing a potential tier-1 copper-gold porphyry target.

Nautilus Minerals has satisfied the first of the two conditions precedent to its agreement with the nominee of the Independent State of Papua New Guinea to secure certain intellectual property rights.

AS part of a comprehensive review of the known resource at Marengo Mining’s Yandera Copper Project a new structural model that controls mineralization is becoming evident. This new understanding is being used by Marengo to predict where new discoveries and an increase of grade are likely to occur.

VERY significant high grade weighted average and individual gold intersections have been returned from trenching at the Lower Zone of the Swit Kia prospect within Frontier Resources’ Bulago exploration licence. The assay results come from nine continuous Jackhammer trenches and four outcrop exposures.

CRATER Gold Mining has been issued the Environment Permit for its Nevera High Grade Zone (HGZ) Gold Project at Crater Mountain. The permit was issued to the company’s wholly-owned PNG subsidiary Anomaly Limited by the PNG Director of Environment and Crater Gold is shaping up as Papua New Guinea’s next new gold producer.

WCB Resources announces that the scout drill testing of the Misima porphyry prospect is at a depth of 695.1 metres. Drilling is advancing at a better than anticipated rate with good recoveries.

Otterburn Resources Corp has revised the terms of the private placement which forms part of its acquisition of the Kainantu Gold-Copper Mine in Papua New Guinea. In August the company announced its proposed RTO and placement for a minimum of $10 million involving the acquisition of K92 Holdings International Ltd.

Trigold Resources has signed a definitive share purchase agreement with Pacific Kanon Gold Corp and 0990601 BC Ltd (Pacific Kanon’s covenantor) which will result in Trigold acquiring 100% of the shares of Vangold (PNG) Ltd.

WCB Resources has commenced drilling at the Misima porphyry prospect on Misima Island. It is the first modern dedicated drill program on this prospect since 1969.