The leases cover approximately 26 hectares of Alluvial Resource and are located in an area that has been producing gold since 1920.
Kibush Capital recently announced that it added three mining experts to its Advisory Committee. One of those experts, Ken Unamba, a geologist, has reviewed a recent geophysics survey of the leases conducted by Elliot Geophysics (PNG) Ltd. and has interpreted the data from that survey to estimate that there is potentially a resource of 450,000 ounces of Gold ( Au ), based on today’s spot rate of $USD1,328.80, equating to $USD597M.
Mr. Unamba will undertake a more detailed study to sample resource depths which should increase the indicated resource, to be undertaken once processing has commenced.
The infrastructure within the site includes warehousing, camps and some mining and transport equipment. Kibush Capital would look to upgrade this to the latest available to ensure productivity is at the maximum to increase profit margins.
This will be overseen by Leonard Kara, a Senior Mining Engineer, also a mining expert on the Company’s Advisory Committee.
The site is accessible by road. This is essential in Papua New Guinea as the freight costs can be a hinderance when working in remote locations. Vincent Appo, our third mining expert, who will be managing the Project, has provided a detailed Mining and Operations Model that indicates Profitable Production within three months of the beginning of processing, with access to staff and workers from local villages.
This project provides Kibush Capital with an ideal way of commencing operations quickly and with immediate revenue. There is scope to further develop the resource within the Lease Area with testing and sampling and there is the possibility to have additional JV agreements with surrounding Lease Holders.
