Wafi-Golpu exploration project progressing, report says

THE Wafi-Golpu joint venture parties continue to progress in line with a work plan previously released, according to Newcrest Mining Ltd.
In its June quarter report, it said this included engagement with the government on the application for a special mining lease for the Wafi-Golpu project.
The joint venture parties are targeting to complete the work to update the study by the March 2018.
It is expected that the business case will be optimised and an amendment to the special mining lease application will be required to be submitted by the joint venture.
Wafi-Golpu is an advanced exploration project located in Morobe, about 65 kilometres south-west of Lae.
The project is one of three unincorporated joint ventures between subsidiaries of Newcrest (50 per cent) and Harmony Gold (50 per cent) formed in 2008. It is referred to collectively as the Morobe Mining Joint Ventures.
According to information from Newcrest, deep drilling conducted by the joint venture since 2008 had identified a world class porphyry deposit at Wafi-Golpu suited to bulk underground mining techniques, similar to those being employed by Newcrest at Cadia Valley Operations.
The project has mineral resources estimated to contain 26 million ounces of gold, 8.8 million tonnes of copper and 48 million ounces of silver.
This includes ore reserves for the Golpu deposit estimated to contain 11 million ounces of gold and 4.8 million tonnes of copper.