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PNG Mineral Resources Authority to Conduct Technical Site Visit at Freeport's Yandera Copper Project
Freeport Resources to provide an update on the status of the Yandera Copper Project and present p...
About this update from Freeport Resources Inc.
[{"type":"text","content":"PNG Mineral Resources Authority to Conduct Technical Site Visit at Freeport's Yandera Copper ProjectFreeport Resources to provide an update on the status of the Yandera Copper Project and present plans for future project financing and technical capacity statement.Approximately US$200 million in exploration and development expenditures have been committed since 2005, including 154,600 meters of exploration drilling and completion of a Pre-feasibility Study*.As one of the largest undeveloped copper resources* in the world, Yandera has the potential to become one of PNG's most significant copper mines, supporting local communities and creating skilled jobs. Vancouver, British Columbia--(Newsfile Corp. - September 19, 2023) - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH) (\"Freeport Resources\" or the \"Company\") is pleased to announce the Mineral Resources Authority (\"MRA\") of Papua New Guinea (\"PNG\") is scheduled to conduct a Technical Site Visit for the renewal of Exploration License (\"EL\") 1335, which covers the 245.5 square kilometer concession comprising the Company's wholly-owned Yandera Copper Project. Representatives of MRA and the Company are scheduled to carry out compliance and inspection activities during the five-day Technical Site Visit to begin September 25 and conclude September 29, 2023. The Technical Site Visit is part of the EL 1335 renewal process and follows the successful completion of the onsite MRA Wardens Hearing which took place on May 29, 2023, with principal landowners present and supportive of the Company's renewal application. The Company expects the MRA and Mining Advisory Council to conclude their review shortly after the site visit and anticipate EL 1335 will be recommended for renewal to the Minister for Mining which would render the status of the permit current.The Company's main objectives for Yandera EL 1335 are working toward advancement of a Definitive Feasibility Study to follow the 2017 Pre-Feasibility Study* and continued exploration of prospective targets within the broader license area.BackgroundThe Yandera Copper Project is within EL 1335 which is administered by the MRA under the Mining Act of 1992 of PNG. Renewals of exploration licenses are two-year terms. The Technical Site Visit is for the renewal of EL 1335 for the term ending November 19, 2023.Freeport Resou...