Friday, January 25, 2013

Triple Plate Junction's JV partner ends PNG gold/copper search 

Triple Plate Junction said joint-venture partner Newmont Ventures, is terminating its search for large bulk tonnage of gold/copper porphyry stems at their project property in Papua New Guinea.
Newmont, which is a unit of Newmont Mining Corp, is in the process of exploring its options in consultation with Triple Plate Junction.
In December last year, Newmont said it would not be allocating a development budget to the joint venture's Morobe project for 2013.
Meantime, Triple Plate Junction said there was a significant amount of related data that it was evaluating in order to determine whether there were areas within the JV territory that may be appropriate and suitable for it.
"Of particular interest are areas containing high grade targets that Newmont have discounted as too small for their requirements but which could be of great interest to the Company to develop," Triple Plate Junction said in a statement.
"Whilst recognising that the costs of exploring in Papua New Guinea are very high, Triple Plate Junction has engaged the services of an experienced team of geologists to commence the process of reviewing the project data," it said.
"The anticipated report is expected to be delivered by the end of February 2013, and a further announcement will then follow."
Triple Plate Junction also said it was in talks with Barrick Gold about their future intentions for the joint venture at Wamum, where exploration work over the past two years has been limited.
The company was also awaiting the results of Newcrest Mining's drill holes at Arie which have now been due for a month.

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