Marengo Mining, together with its wholly-owned subsidiaries, Marengo Mining (PNG) Ltd and Yandera Mining Company Ltd, has signed a loan conversion and debenture purchase agreement with its major shareholder, Sentient Executive GP IV, Limited for the General Partner of Sentient Global Resources Fund IV, LP.

Papua Mining, a UK company focused on the exploration for and if commercially feasible, development of gold and copper deposits in PNG, has delineated the Tripela prospect on New Britain as its primary focus in the search for a buried porphyry copper-gold deposit. This follows the first phase of drilling on Tripela which was completed in early May.

Assembly of the second of three Seafloor Production Tools (SPTs), the Collecting Machine (CM), for Nautilus Minerals’ seafloor mining projects commenced last week at Soil Machine Dynamics’ (SMD) facility at Newcastle upon Tyne, UK. 

Former group managing director of Hancock Prospecting Company, Paul Mulder, has joined Mayur Resources as managing director. Mayur is a pioneering diversified mineral exploration and development company operating in Papua New Guinea and has established one of the largest tenement holdings in the country.

ASSEMBLY of the Bulk Cutter, the first of the three Seafloor Production Tools (SPTs) for Nautilus Minerals’ seafloor mining operations, has been completed. The Bulk Cutter is the heaviest of the three SPTs, weighing 310 tonnes when fully assembled, and is designed to be the high productivity machine responsible for the bulk of production.

INDOCHINE Mining has completed an equity raising of $3.4 million, keeping the door open to take in a cornerstone investor for the Mt Kare Gold-Silver Project. The raising was smaller than previously advised and was supported by major shareholders and new investors.

Coppermoly has received high grade copper assay results from two reconnaissance drill holes completed at its Nakru-2 prospect in West New Britain. The assays confirm copper mineralization observed in drill core and considerably enhance the prospects of a significant near-surface copper deposit.

After receiving Aus$6 million from a private placement, WCB Resources can now rapidly move forward with a drill program on the Misima porphyry prospect, Misima Island. The company current has a 30% equity interest in the project with an option to acquire up to a 70% equity interest.

Crater Gold Mining has received excellent initial results from diamond drilling at its 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.

Nautilus Minerals announces that the Independent State of Papua New Guinea’s nominee for participation in the company’s Solwara 1 project last week placed US$113 million into escrow, representing the balance of funding for the State nominee's 15% share of capital required to complete the project's development phase up to first production.

Marengo Mining and its wholly-owned subsidiaries, Marengo Mining (PNG) Ltd and Yandera Mining Company Ltd have signed a loan agreement with major shareholder, Sentient Executive GP IV, Ltd for the general partner of Sentient Global Resources Fund IV, LP.

BMT WBM, a subsidiary of BMT Group Ltd, has completed an independent expert review of the Environmental Impact Statement (EIS) and Environmental Management and Monitoring Plan (EMMP) for the proposed Woodlark Island Gold Project in Milne Bay province.

Nautilus Minerals and the Independent State of Papua New Guinea last week signed an agreement enabling the Solwara 1 seafloor project to move forward toward production with the full support of the State.

Marengo Mining has appointed current director Pieter Britz as chief executive officer, replacing founding director, president and current CEO Les Emery who has stepped down from the company.

Coppermoly appears to have intersected copper mineralization in two reconnaissance diamond core drill holes completed at its Nakru-2 prospect in West New Britain. This is based upon visual inspection by experienced geologists with assay results yet to be received.

Sandfire Resources has reached agreement to acquire an interest in WCB Resources, a Toronto-listed, PNG-focused copper-gold explorer, by subscribing for all shares on offer in an Aus$5.9 million private share placement.

The Papua New Guinea Mineral Resources Authority has notified Coppermoly Ltd that its Nakru exploration licence has been renewed for two years to December 7, 2014.

St Barbara Ltd has started a corrective program of work aimed at addressing poor mining performance and delays in ramping up the new processing circuit at the Simberi Gold Project on Simberi Island. Only minimal additional capital is required.

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.

Niuminco has restarted pilot mining at its Edie Creek mine in Papua New Guinea after receiving a 10 year renewal of its mining lease.