TRIPLE Plate Junction (TPJ) has signed a licence agreement with Newmont Exploration, a subsidiary of Newmont Mining Corporation, which grants TPJ access to Newmont’s proprietary database covering various exploration activities in Myanmar, Laos, Malaysia, Indonesia and Cambodia. TPJ also intends to change its name to Aurasian Minerals plc.
The licence agreement is for an initial term of two years and may be extended thereafter. TPJ will also utilize Newmont’s proprietary Bulk Leach Extractable Gold (BLEG) technology and a limited number of TPJ’s BLEG samples will be processed in Newmont’s laboratory in Perth, Western Australia.
In consideration, TPJ will pay the reasonable costs associated with processing the BLEG samples and will grant to Newmont a 1% net smelter royalty over any property with a certified resource of 1 million or more ounces of gold equivalent in which TPJ subsequently takes an interest in pursuant to its use of the database or BLEG sample locations at any time during the period of the licence agreement or up to two years thereafter.
TPJ’s chairman Tony Shearer says, “Access to Newmont’s South East Asia database represents an excellent opportunity for TPJ to conduct exploration analysis at a fraction of the cost that would otherwise be associated with such a task. We are grateful for Newmont’s continued support. We are negotiating with an experienced exploration team to help us take advantage of this opportunity.”
The initial work would commit TPJ to spending up to about US$450,000 over the next six months for work to be carried out relating to Cambodia, Laos and Myanmar, and possibly other countries in the region in the event that attractive opportunities come to its notice.
In order to undertake this new strategy, TPJ has reached agreement with three key technical and corporate personnel who were involved in the successful exploration programs of Normandy Mining, which Newmont acquired in 2002, Newmont and Anglo American.
Normandy and Newmont’s former Head of Global Exploration Bruce Kay, Normandy’s former managing director, international and MIM Holdings’ former executive general manager exploration and development Jon Loraine and former senior geologist at BP Minerals, Australian Consolidated Minerals, Normandy Mining and Anglo American Paddy Waters have all been involved in successful exploration programs worldwide.
Upon a successful conclusion of the initial work program, the intention is that one or more of the three would be offered positions on the Board of TPJ.
If these arrangements are finalized, then these exploration activities in South East Asia will be TPJ’s main activity. It will also have a stake of about 10.3% in Newcrest’s project at Manus Island and a 10% interest-free carry in the Pu Sam Cap project in Vietnam, as well as an interest in Niuminco’s project at Morobe in Papua New Guinea through a 3% Net Smelter Return agreement.
TPJ also proposes an option agreement would be made available to the three key personnel and a general meeting of shareholders will be held on May 13 to vote on the proposals.