Board reviews interest on gold project after conclusion of study

THE Kingston Resources Ltd board has begun a strategic review of its interest in the Misima gold project following the conclusion of the project’s definitive feasibility study.
According to the company, the review would assess all options to maximise shareholder value of Kingston’s 100 per cent interest in the Misima project.
It will be conducted in parallel with ongoing mining licence, plus environmental and social impact assessment work programmes which are expected to be concluded in the September quarter.
Kingston has appointed ICA Partners to support the review process. It is a specialist mining adviser with wide-ranging transactional experience gained over many years in many commodities and jurisdictions. Kingston Resources managing director, Andrew Corbett, said: “The board, in consultation with ICA Partners, looks forward to investigating opportunities to advance the company’s interest in Misima by identifying, evaluating and entering into potential strategic transactions relating to the long-term value opportunity at Misima.
“We look forward to working on this exciting review, and we are confident that there are strategic opportunities to advance the Misima gold project, but more importantly to achieve significant value creation for our shareholders.”
Misima hosts a JORC (Australasian code for reporting of exploration results, mineral resources and ore reserves) resource of 3.8Moz (million ounces) Au (gold) and an ore reserve of 1.73Moz. Misima was operated as a profitable open pit mine by Placer Pacific between 1989 and 2001, producing over 3.7Moz before it was closed when the gold price was below US$300 (K1,040.49)/oz.
Kingston’s interest in Misima is held through its PNG subsidiary Gallipoli Exploration (PNG) Ltd.