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Kainantu Resources Announces Title Transfer Payment for the Kili Teke Gold-Copper Project
Kainantu Resources Announces Title Transfer Payment for the Kili Teke Gold-Copper Project ...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n Kainantu Resources Announces Title Transfer Payment for the Kili Teke Gold-Copper Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Dec. 1, 2023\n \n \n /CNW/ - Kainantu Resources Ltd. (\"KRL\" or the \"Company\") (TSXV: KRL) (FSE: 6J0) is pleased to announce that it made the post-closing payment of US\n \n $500,000\n \n to\n \n Harmony Gold\n \n (PNG) Exploration Limited (\"HGEL\"), being a wholly owned subsidiary of Harmony Gold Mining Company Limited (\"Harmony\"), in connection with the release from escrow of the tenement transfer documents of the Kili Teke Gold-Copper Project.\n \n \n \n \n \n \n \n \n \n KRL Interim CEO\n \n Adam Clode\n \n stated, \"\n \n We would like to thank the team at Harmony for their proactive and supportive collaboration to ensure the on time and successful completion of the Kili Teke asset sale.\n \n \n \n \n Over the next six months, the Company will undertake an optimisation study and establish an objective framework to complete a preliminary economic assessment of the project. Thereafter, the Company will commission a broader economic study that will most likely involve in-fill drilling amongst other technical assessments.\n \n \n \n \n As a smaller company we are focused on evaluating an accelerated path to revenue and appropriate returns for a high-grade, moderate throughput open pit mining operation. This objective will be supported by near site and regional exploration, building on existing work and targets identified as part of our analysis.\n \n \n \n \n The Board and executive team of KRL are committed to adding value for its shareholders, the landowners, the government of Papa New Guinea and the country as a whole\n \n .\"\n \n \n The acquisition of the Kili Teke Gold-Copper Project was carried out pursuant to the terms of the share exchange agreement dated\n \n April 6, 2022\n \n (the \"Definitive Agreement\") among the Company, HGEL and KRL Kili Teke Resources Limited.  Additional details of the transaction are set out in th...