PNG Gold expects to continue scaling down both operating and head office costs for the remainder of 2013 and into 2014 until plans for the next phase of exploration is finalized.
The company has minimized capital expenditures in 2013 and plans to do the same into 2014. It will manage its cash balance by scaling back its drilling and administrative operations as circumstances dictate, in order to remain in a financially flexible position.
In connection with the completion of drilling programs at Imwauna, Weioko and Lantaona Hill prospects, PNG Gold has wound down operations. All drill rigs have been idle since the end of July 2013 after drilling was completed at the Sehulea exploration licence area on Weioko and Lantaona Hill prospects.