Indochine works towards Mt Kane agreements
PERTH (miningweekly.com) – The share price of junior Indochine Mining spiked nearly 11% on Monday, on news that the company was close to completing the final stage of its landowner investigation study (LIS) for the Mount Kane gold project, in Papua New Guinea.
The on-site survey requires a ground survey of the location of the land boundaries among the clans identified in the LIS, and would be included in the final submission of the landowner investigation report.
The company said on Monday that landowners had been walking the ground, as required by the state law, to confirm and validate their ownership rights and to reach an agreement with the neighbouring clans.
Indochine CEO Stephen Promnitz said the LIS was being completed to allow for the application of a mining lease by August this year, and for a framework to be developed that sets out the financial benefits of all parties, once production has started at the targeted date of mid- to late 2015.
Production was currently targeted at around 200 000 oz/y of gold and about 820 000 oz/y of silver.
Promnitz noted that Indochine was encouraged by the support from landowner clan groups in both the Paiela and Tagali areas, which corroborated strong local support, which he said was instrumental for long-term development and security of the project.
Indochine shares were trading at a high of A$0.059 a share, up from a low of A$0.05 a share.
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