Bulletin seeks legal advice as Halls Creek partner declares force majeure
PERTH (miningweekly.com) – Junior gold company Bulletin Resources on Monday told shareholders that it would seek legal advice after its joint venture (JV) partner Pacific Niugini declared a force majeure at the Halls Creek mine, in Western Australia.
The force majeure event related to government approvals process timelines extending beyond those originally provided by the Department of Minerals and Petroleum.
Pacific Niugini said it was awaiting feedback and approvals from the department for its mining proposal for the Halls Creek gold project, following lodgment earlier in August.
In February this year, Bulletin accepted a A$6.8-million offer from Pacific Nuigini for a 49% JV stake in the Halls Creek project, which consists of the Lamboo and Golden Crown prospects, and has a Joint Ore Reserves Committee-compliant resource of 1.76-million tonnes, grading 5.2 g/t gold for 294 000 oz.
Pacific Niugini said that the force majeure event would not compromise the company’s ability to continue working on site, but it could impact on the mine development timing, and, therefore, project expenditure timing if delays persist.
Drilling was currently under way at the project site, and at present, Pacific Niugini was expected to meet its Stage 1 expenditure of A$1.2-million by the end of 2014. The company’s interest in the project would increase to 65% once that expenditure cap was reached.
Bulletin said it would await the outcome of legal advice before deciding on its course of action.
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