Niuminco confirms 100% acquisition of PNG tenements

PNG explorer Niuminco Group has acquired a 100% interest in the May River and Bolobip copper-gold tenements after terminating a joint venture agreement.
Niuminco confirms 100% acquisition of PNG tenements 
Niuminco confirms 100% acquisition of PNG tenements 
Niuminco confirms 100% acquisition of PNG tenements 
Niuminco confirms 100% acquisition of PNG tenements 
Niuminco confirms 100% acquisition of PNG tenements

The company said it was in a position to control future exploration at the properties after reaching agreement with Mincor PNG.

Niuminco's September quarterly report said the 100% interests in both tenements were acquired in return for a royalty deed that entitled Mincor to a 5% net smelter return royalty from any future production or sales on the tenements.

Camp maintenance and community affairs work was carried out in the tenements during the quarter, with applications lodged for renewal of exploration licences through to September 2015.

"Discussions were commenced with Mincor PNG Limited about the future ownership and operating structure of the joint ventures," Niuminco company secretary Mark Ohlsson said in the quarterly statement.

"Subsequent to the end of the quarter this resulted in agreements being reached with Mincor whereby the company acquired 100% interests in each of the May River and Bolobip joint venture tenements.

"Over the past two years Mincor has spent over $6,400,000 on valuable exploration on these tenements.

"The company is now in a position to control both the pace and direction of future exploration on these highly prospective properties."

Niuminco confirmed the company had been admitted to the Port Moresby Stock Exchange in PNG.

The company's shares commenced trading today under the code NIU.

"The POMSoX listing demonstrates the company's confidence in PNG's mining sector and the local investment community as well as the support provided by local communities and the government of PNG," Ohlsson said in a statement.

"The company looks forward to expanding its shareholder base and welcomes participation in its securities by landowner groups, institutional funds and the general public in PNG.

"The local share registry for shares traded on POMSoX will be managed by PNG Registries Limited."

Niuminco spent $977,000 on exploration, evaluation, administration and mine leases during the quarter and had cash of $259,000 at the end of the period.

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