03 Mar Update
Disposal of Exploration Licence
TPJ is pleased to announce that it has disposed of its Exploration Licence EL 1365 (the “Licence”) to a subsidiary of Niuminco Group Ltd (“Niuminco”). The Licence was acquired from by Niuminco Edie Creek Limited from TPJ’s PNG subsidiary Terenure Limited (which had a 25% interest in the Licence) and Newmont’s PNG subsidiary NVL PNG Limited (75% interest).
The consideration to TPJ for the 143 square kilometre Licence is a Net Smelter Royalty, payable on any production from the tenement, of 3.0%. The acquisition of the Licence is conditional upon registration of the transfer by the PNG Mineral Resources Authority and approval by the Minister for Mining.
Crater Mountain Disposal Update
Following its announcement of 16 April 2013 regarding the sale of its 8% interest in the Crater Mountain project, TPJ has now fulfilled the conditions required for the release of the A$200,000 payment from escrow and has requested Crater Gold Mining Ltd to effect the release.
Triple Plate Junction
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