PanAust Ltd’s Frieda River Copper-Gold Project may cost about US$1.7 billion to develop but less if the company takes a staged approach to the development. This figure was determined in a review prepared for the project, which is a joint venture between PanAust (80%) and Highlands Pacific (20%).

Otterburn Resources Corp has signed a share exchange agreement (SEA) with K92 Holdings International and its shareholders, which will lead to Otterburn owning 100% of the former operating Kainantu Gold-Copper Mine, currently owned by a subsidiary of Barrick Gold Corporation.

Indochine Mining has directed Australian Contract Mining (ACM) to mobilize a small team of supervisory personnel to PNG to assist with all aspects of planning and logistics of the proposed exploration adit and underground diamond drilling program at the Kt Kare project. The company is also designing a 7km heavy-duty access track to the site, which would enable mining equipment to be mobilized to the exploration adit.

WCB Resources announces that logistical arrangements have been confirmed with the barge carrying the drill rig, support equipment and additional supplies for the Misima porphyry drill program. The barge is set to depart the city of Lae on August 26 and is expected to take about five days to travel to Misima Island.

Indochine Mining has secured immediate additional funding of $1.15 million from its existing secured lender to allow the company to continue to operate. The funds have been made available by way of extension and variation of the existing facility.

WCB Resources has awarded a drilling contract for a drill program on the Misima porphyry prospect on Misima Island. Following a detailed evaluation process, Quest Exploration Drilling (QED) has been awarded the contract for completion of the stage 1 exploration drill program.

Wipro Ltd, a global information technology, consulting and business process services company, has announced that State-owned copper and gold mining company Ok Tedi Mining Limited (OTML) has extended its strategic partnership in order to help achieve its Digital Mining Vision 2025.

Coppermoly Ltd has reached agreement with Barrick (PNG Exploration) Ltd to amend the terms of its agreement for the acquisition of Barrick’s interests in Coppermoly’s three key exploration assets - Nakru, Simuku and Talelumas.

Crater Gold Mining is making good progress towards first gold production from the High Grade Zone (HGZ) project at its Crater Mountain project. The mining plant is being commissioned while rail and underground rail trucks are on site being installed ahead of mining.

WCB Resources in the final stages of completing the agreement for the provision of drilling services with the preferred contractor for a drilling program at the Misima porphyry prospect on Misima Island. Once executed, the company expects the drill rig to arrive on Misima Island in the next two weeks.

A recent exploration program at the Metemana-Metekavil area of Papuan Precious Metals’ New Hanover project has resulted in discovery of a new gold-copper porphyry system.

Kula Gold announces the signing of the mining lease for the Woodlark Island Gold Project. The company attended a series of meetings early this month in Alotau, the Milne Bay provincial capital, which culminated in the signing of the lease by the Papua New Guinea Minister for Mining, Byron Chan MP.

Tests at Papua Mining’s New Britain prospect have revealed that many of the high grade gold samples discovered earlier this year also have high copper values, with grades ranging up to 9% copper.

Resource Mining Corporation (RMC) has established a Direct Shipping Ore (DSO) exploration target for the Wowo Gap Nickel Laterite Project of 40 to 60 million tonnes at 1.6% to 1.8% nickel. Additional metal credits have also been established, including 0.07% to 0.15% cobalt, 0.8% to 1.2% manganese, 2% to 3% chromium oxide and 25% to 35% iron oxide.

Assembly of Nautilus Minerals’ third and final Seafloor Production Tool (SPT), the Auxiliary Cutter (AC), has commenced at Soil Machine Dynamics’ (SMD) facility at Newcastle upon Tyne, UK.

MAYUR Iron, which is part of the privately-owned Mayur Resources group, has been granted seven new exploration licences prospective for iron sands. The licences cover a large area across the Gulf of Papua in the south of PNG and adjoin or are nearby Mayur’s existing suite of iron sands tenements.

REGENCY Mines has applied for a nickel and gold exploration licence totalling 1284sqkm in eastern PNG. The Lake Trist project is 15km from the coast and 75km south of the major port city of Lae.

Recent exploration by Papuan Precious Metals at the Metemana-Metekavil area of the New Hanover project in New Ireland province has resulted in discovery of a new gold-copper porphyry system.

Geovic Mining Corp last week announced the discovery of a chromite mineral sand deposit in the Bitoi Delta of Papua New Guinea.

Crater Gold Mining has announced continued encouraging results from diamond drilling at the High Grade Zone (HGZ) project at Crater Mountain. The HGZ project is earmarked to commence gold production subject to the outcome of a mining lease application.