Frontier to seek JV partner in Canada

By FRANK ASAELI
FRONTIER Resources will look for a partner in Canada to take over exploration licence (EL) 1348 due to issues concerning permit renewal along with the controversial Kokoda Track that make it difficult to raise funds.
The company said it is much easier to raise exploration and development funds for Papua New Guinea in Canada.
Frontier Resources managing director Peter McNeil said the Australian Stock Exchange (ASX) is much harder in general and would be even harder still given the Kokoda Track issue and its meaning to Australians.
He said PNG “is not viewed very positively” by Australian stockbrokers (now).
“But in Canada they don’t care,” Mr McNeil said.
“Frontier basically suggested it will try and create a partner in Canada to take over Kodu (EL 1348) because the issues with renewal and the Kokoda Track are generally damaging to investor and shareholder confidence, which makes it very difficult for us to raise funds to continue work on all of our other projects,” Mr McNeil said.
In an email interview, Mr McNeil said from Perth, Australia, that the controversies have made it difficult for Frontier to get credit or value from the exploration that it is doing where the company gets good results, such as good gold in drill hole from Andewa – located west of Kimbe.
Barney Jack, president of the Kokoda resources owners association, is also with Mr McNeil attending a resources information unit (RIU) conference in Perth and would try to meet with the returned services league (RSL), an organisation in Australia that represents the serving and ex-serviceman in Australia.
“We will then try and meet with the RSL later this week if we can organise it,” Mr McNeil said.
Mr McNeil said: “Ideally, I would still run the new company to make sure it all goes the way we all want it to.”
The new company is proposed to be listed in Canada which will strike a deal with Frontier so they could both develop the deposit and would take over the running of Kodu, with Frontier and the landowners as partners.
Meanwhile, the track has remained closed and the principal landowners of Owers Corner where the Kokoda Track begins, plan to stage a protest to support Mt Kodu landowners and Frontier Resources.