INVESTORS and fund managers in PNG are being given the opportunity to invest in Australian company Coppermoly, which is exploring in parts of the country.
Listed on the Port Moresby Stock Exchange, the company has been in PNG for a while although there had been no trade.
Coppermoly managing director Peter Swiridiuk said: “With our exploration efforts being concentrated in PNG, we feel that investors and fund managers in the country should be given every opportunity to invest in our company, because it’s basically operating on their turf.”
He was responding to questions by Clive Tompkins of Finance News Networks last week.
Mr Swiridiuk said with the help of BSP Capital, further presentations were planned in PNG this month and this might lead to capital raising from PNG investors later this year.
“These additional funds, if pursued, will then enable us to evaluate the projects that we are currently acquiring,” he said.
He said with Coppermoly having a broad base technical team of geologists, geochemists and geophysical people including those from its major shareholder New Guinea Gold Corp (NGGC) together, they had developed a good track record of applying cost effective exploration techniques that further advanced projects.
NGGC holds 23% interest in Coppermoly Ltd, which owns 100% of the projects in West New Britain province.
Coppermoly holds titles to three Exploration Licences EL 1077 (Simuku), EL 1043 (Mt Nakru) and EL 1445 (Talelumas) covering 170 square km.
These tenements cover most of the known areas of mineralisation within the “Kulu-Awit Trend”.
“We feel that we have a better chance than most other companies of adding value to projects and bringing them to a stage, or an attractive stage, similar to that we achieved for Nakru and Simuku.
On the joint venture with Barrick Exploration Ltd, he said the JV was progressing well and Barrick was currently preparing their operations base in Kimbe and reviewing technical data as well as ensuring the field operation areas comply with their Occupational Health and Safety Rules.
“We are currently expecting them to begin drilling a number of deep diamond holes on our Nakru project this month …this initial drilling programme to continue for about six months although if results are as expected, we may find that Barrick has the potential to put on a second drill rig and keep going.”