Geopacific continues Woodlark earn-in
PERTH (miningweekly.com) – Junior Geopacific Resources has increased its direct shareholding in the Woodlark project, in Papua New Guinea, to 51%, after completing the second earn-in period of the farm-in agreement.
Through its 85% shareholding in project owner Kula Gold, Geopacific’s overall economic interest in the project now stood at 93%.
Geopacific has elected to proceed with the third earn-in period, and will now spend a further A$10-million on completing a bankable feasibility study, to take its direct interest in the project to 60%.
“The project is coming together as we hoped, and continues to move towards a 2019 start to construction,” said Geopacific MD Ron Heeks.
A recent prefeasibility study into the Woodlark project found that it could deliver a production rate of more than 100 000 t/y over a ten-year mine life, with the project expected to cost A$180-million to develop.
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