Triple Plate Junction (TPJ) has disposed of its Exploration Licence EL 1365 in the Morobe joint venture of west central PNG to a subsidiary of Niuminco Group Ltd. The licence was acquired by Niuminco Edie Creek Limited from TPJ’s PNG subsidiary Terenure Limited, which had a 25% interest in the licence, and Newmont’s PNG subsidiary NVL PNG Limited, which had a 75% interest.
The consideration to TPJ for the 143sqkm licence is a net smelter royalty of 3% payable on any production from the tenement. The acquisition of the licence is conditional upon registration of the transfer by the PNG Mineral Resources Authority and approval by the Minister for Mining.
Also, following TPJ’s announcement of April 16, 2013, regarding the sale of its 8% interest in the Crater Mountain project, it has now fulfilled the conditions required for the release of the Aus$200,000 payment from escrow and has requested Crater Gold Mining to effect the release.
TPJ has this month signed a licence agreement with Newmont Exploration, a subsidiary of Newmont Mining Corporation, which will grant it access to Newmont’s proprietary database covering various exploration activities in Myanmar, Laos, Malaysia, Indonesia and Cambodia. 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 in the process of negotiating with an experienced exploration team to help us take advantage of this opportunity, and I hope that we will be able to make an announcement about this in a few weeks.”