Kingston moves to 100% at Misima

KINGSTON Resources is moving to take 100% ownership of its Misima Island gold project in Milne Bay Province.
Kingston moves to 100% at Misima Kingston moves to 100% at Misima Kingston moves to 100% at Misima Kingston moves to 100% at Misima Kingston moves to 100% at Misima

Andrew Corbett

Staff Reporter

The company says it intends to buy joint venture partner Pan Pacific Copper's 19% interest in the project for $2 million, with this to take place in two tranches.
 
The first tranche of $0.35m is due by June 30 this year and the second tranche of $1.65m due by February 28, 2021.
 
As a result of the transaction, Kingston will move to 100% ownership of the 3.2 million ounce project.
 
The PPC shares will transfer to Kingston upon receipt of PNG regulatory approval and payment of the second tranche.
 
Kingston managing director Andrew Corbett thanked PPC for its partnership at Misima and for its collaborative approach to the transaction.
 
"It has been a pleasure dealing with the PPC team since we acquired our initial interest in the project in November 2017. 
 
"We are now looking forward to taking the next step at Misima, with a transaction that delivers 100% ownership of this outstanding gold development opportunity to the company as we move ahead with a pre-feasibility study that is already well under way and on track for delivery in fourth quarter of this year," Corbett said.
 
  
 
 
 

topics

loader