Niuminco eyes expansion

PAPUA New Guinea explorer Niuminco Group expects to triple gold production and sales after pilot mining, large-scale sampling and gold production recommenced at the company’s Edie Creek mine.
Niuminco eyes expansion
Niuminco eyes expansion
Niuminco eyes expansion
Niuminco eyes expansion
Niuminco eyes expansion

Niuminco confirmed the projected increase after company subsidiary Niuminco Edie Creek was granted a 10-year extension to mining lease 144.

Production levels and gold sales are planned to rise to 90-120 ounces per month of gold from April for the next 12 months, from the current production rate of approximately 30-40ozpm gold.

The company's proposed stage 2, 10-hole, 2000m drilling program designed to test the Karuka- Enterprise Stockwork zone and Enterprise Diatreme/Maar on the lease is also scheduled to commence in April.

At the planned level of gold production and sales, both Niuminco's projected operating and exploration expenditures for the next 12 months are intended to be funded from internal cash flow.

Niuminco Edie Creek also acquired a 100% interest in exploration licence 1365 from Terenure and NVL PNG.

EL 1365 adjoins an exploration licence held by Morobe Mining Joint Venture, which surrounds Niuminco's Edie Creek mining leases and MMJV's Hidden Valley gold and silver mine to the south.

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