Kainantu Resources has agreed to terms for the acquisition of the remaining 90% interest in the May River project in Papua New Guinea from Hardrock Limited, giving the Asia-Pacific-focused miner full ownership and control.
Under the agreement, Kainantu will issue script consideration of 18 million common shares representing a value of C$1,440,000, based on the closing market price of Kainantu shares on 31 March 2023.
"We are delighted to announce the full project acquisition, which will result in the 100% ownership of this highly prospective copper-gold asset,” said Kainantu CEO Matthew Salthouse.
“Our work to date and historical results from the project have proven the value and confirm the project's potential. We would like to thank the Hardrock vendors for their cooperation during our strategic partnership phase and welcome them as shareholders of the company."
May River is located less than 15 kilometres from PanAust’s Frieda River project – one of the world's largest undeveloped copper mines. Since entering into an agreement with Hardrock in 2021, Kainantu has acted as manager and conducted further studies at the Mountain Gate and Skiraisa prospects.
Source: Kainantu Resources