PNG GOLD is awaiting the results of a warden’s hearing and renewal applications for the exploration licences of its Sehulea and Normanby prospects on Normanby Island in Milne Bay Province. A hearing was held by the Mineral Resource Authority for both licences on June 25.

Kibush Capital Corporation has commenced a JORC/NI 43-101 compliant report on the Mining Lease 694/695 and pending Mining Lease 296/301 held by its subsidiary, Aqua Mining PNG Limited. Advisory Committee member Ken Unamba has been nominated to oversee the report.

FUNDS raised from a new financing agreement with major shareholder Sentient Executive GP IV Ltd will allow Marengo Mining to begin a new drilling campaign at the Yandera Copper Project in Madang Province. Funds will also be used to support company operations as well as for working capital and general corporate purposes.

AFTER achieving record production of 211,690 ounces of gold at the Hidden Valley Gold Project during the financial year ending June 30, the Morobe Mining Joint Venture (MMJV) of Harmony Gold and Newcrest Mining recorded slightly lower production during the September quarter. The 9% decrease on the previous quarter to 27,286 ounces reflected a decrease in gold grade following access to above average grade ore in that period.

JOINT venture partners Harmony Gold and Newcrest Mining believe that the cost for stage one of the Wafi-Golpu Gold-Copper Project in Morobe Province will be substantially less than the $US4.8 billion suggested in the original preliminary feasibility study into the project’s development. New figures were to be released in an updated pre-feasibility study (PFS) which was due to be released in late December.

THE Board of PanAust Limited has appointed Dr Fred Hess as managing director of the company. He has held several executive management positions in his nine years with PanAust, most recently the position of EGM Project Development and Operational Improvement, and succeeds Gary Stafford who served in the position for more than 18 years.

THE base case development concept for the Frieda River Copper-Gold Project of joint venture partners PanAust Limited and Highlands Pacific now comprises an open pit and a single process plant module incorporating a SAG mill and two ball mills. This case demonstrates a higher value outcome than previous studies.

The order for cranes to be used on Nautilus Minerals’ production support vessel (PSV) has been awarded to MacGregor, headquartered in Kristiansand, Norway. It is the third major long lead time equipment package to be awarded by the shipyard, Fujian Mawei Shipbuilding Limited.

TRIGOLD Resources has signed a definitive share purchase agreement with Pacific Kanon Gold Corp and 0990601 BC Ltd (Pacific Kanon’s covenantor) which will result in Trigold acquiring 100% of the shares of Vangold (PNG) Ltd. Vangold PNG holds title to three mineral tenements in Papua New Guinea.
On July 28, 2014, 0990601 acquired all of the shares of Pacific Kanon from Vangold Resources in consideration for the assumption of certain debt of Vangold PNG by 0990601.

Pacific Niugini has terminated the Garaina farm-in agreement with MGL Limited. Although MGL had expended a large portion of the $6 million requirement and advanced the project knowledge, they failed to meet the minimum requirements to earn any interest in the project.

Nautilus Minerals has been advised by Soil Machine Dynamics Limited (SMD) that the umbilical winches for the three Seafloor Production Tools (SPTs) have successfully completed Factory Acceptance Testing (FAT). The company has also been advised by GE Oil and Gas that it will recommence assembly of the Subsea Slurry and Lift Pump (SSLP) in July this year.

Mining at Crater Gold Mining’s 100%-owned High Grade Zone (HGZ) mine at Crater Mountain in Papua New Guinea is progressing. Drive development has recommenced on three gold-bearing veins delineated from previous underground development and diamond drilling carried out in 2014.

The order for the cargo handling equipment to be used on Nautilus Minerals’ production support vessel has been awarded to Italian company Bedeschi SPA. It is the second major equipment contract to be awarded by the shipyard, Fujian Mawei Shipbuilding Ltd.

Marengo Mining has received encouraging results from a sampling and drilling program at its Rima Prospect as it continues to advance its Yandera Copper Project in Papua New Guinea. The results suggest the presence of additional domains of near-surface higher grade copper mineralization that collectively, may enhance the current Yandera resource.

Otterburn Resources Corp announces that K92 Holdings International Ltd has completed the purchase of Barrick Kainantu Limited (BKL) from Barrick Gold Corporation. Otterburn has purchased 100% of the shares of K92 in a share exchange purchase agreement.

Trigold Resources has terminated the Share Purchase Agreement (SPA) announced on September 23, 2014 and which involved possible acquisition of tenements in Papua New Guinea. The SPA was contingent on the Mineral Resources Authority (MRA) of PNG renewing tenements in favour of the vendor company.

The commissioning and factory acceptance testing of Nautilus Minerals’ third and final Seafloor Production Tool (SPT), the auxiliary cutter, has commenced at Soil Machine Dynamics’ facility at Newcastle upon Tyne, UK.

WCB Resources has completed the expenditure requirements to earn a further 19% interest in the Misima Island project, bringing its total interest to 49%. This is subject to final approval in writing by Pan Pacific Copper (PPC).

As part of plans to reduce its net debt by at least $3 billion by the end of 2015, Barrick Gold has announced its intention to divest the Porgera Joint Venture. The company hopes the divestment and other cost-cutting measures will help restore its balance sheet to a position of strength after posting a December quarter loss of $2.85 billion.

Otterburn Resources Corp announces that K92 Holdings International has received notification from Barrick Gold Corp that the Kainantu Mine mining lease renewals sought by Barrick’s wholly-owned subsidiary Barrick Kainantu Limited (BKL) have been obtained.