FOR IMMEDIATE RELEASE
6 November 2006
Lae MP welcomes UK-based exploration company setting up in Lae
The Member for Lae Bart Philemon today welcomed UK-based exploration company Triple Plate Junction (TPJ) setting up its office in Lae.
The Lae office is mainly to support the needs of Exploration Licences in Morobe, Manus and Eastern Highlands Provinces.
It is understood that although TPJ (PNG) is not a big company, it employs about 100 employees and spends about K500, 000.00 a month on exploration in Papua New Guinea.
“This is about job creation within Morobe province and capitalising on the presence of skilled Papua New Guinean with a lot of commercial and practical experience” Mr. Philemon said.
Mr. Philemon also welcomed the company’s policy of employing and training local people whenever possible.
New assays received from TPJ’s first-phase reconnaissance work at the Company’s Otibanda prospect in Morobe province have outlined consistently high gold values in outcropping quartz vein shear zones.
Rock-chip gold grades include 4m of 70g/t, 5m of 13.0 g/t, 4m of 13.5g/t, 1.8m of 18.4 g/t and 3m of 12.7g/t from a 3-5 meter wide WNW trending 2km long central vein, but the gold value will not be known until the assays come back from an independent laboratory later this month.
The laboratory preparation facility is also based in Lae.
Smaller, parallel gold veins can be found up to 1.1 kilometers north of central zone, and 500 meters south of the zone.
Rock-chips values in these discontinuous veins include 0.8m of 26.2 g/t, 1.5m of 22.7 and 0.7m at 4.1 g/t gold.
On seeing the results, the Chief Executive Officer of PNG Chamber of Mines and Petroleum, Mr. Greg Anderson, commented that they were “very impressive and good news for PNG mineral exploration”.
Otibanda landowners in the area are happy with the progress of exploration.
Mr. Philemon urged the landowners to be reasonable in their on-going discussions with the company to ensure they receive benefit in the short and long term to enrich their livelihood and not to unnecessarily delay the drilling process.
“Otibanda is one of the several encouraging gold prospects that TPJ is currently working on its PNG Exploration Licences, including the recently-announced high grade gold mineral deposit on Manus,” Mr. Philemon said.
“Both of these prospects will be drilled next year and TPJ is presently negotiating with two Lae-based drilling companies to carry out the drilling.
“I am pleased with TJP for recognising the potential and having the confidence in setting its office in my electorate.
“As I have always maintained, Papua New Guinea has a lot of untapped natural resources, however, it needs strong political leadership to be at the helm in order for our people to benefit from the outcomes.”
TPJ is currently listed in London but is working towards a dual listing on the PNG Stock Exchange next year.