Coppermoly to sell PNG tenements

COPPERMOLY looks to have struck a deal with Barrick over the West New Britain project tenements.
The company and Barrick are partners in the WNB project tenements.
Since 2009, Barrick has spent more than A$22 million on exploration.
Coppermoly is in discussions with a number of parties that would likely involve the purchase and immediate sale of the tenements in Papua New Guinea.
The outright sale would result Coppermoly gaining a net cash surplus position.
Barrick has agreed to extend a period of exclusivity for Coppermoly to finalise terms with a third party until the end of this month.
The tenements are exploration licence numbers 1077 Simuku, 1043 Nakru and 1445 Talelumas.
Coppermoly would retain its existing exploration base in Kimbe, WNB.
A successful completion of the transaction would see Coppermoly intensify and focus its exploration activities on the Makmak exploration licence (EL 2014).
The Makmak licence is held 100% by Coppermoly and is located on the same geological trend as the WNB project tenements – the Kula Awit Fold Belt.
Exploration of the Makmak licence to date has generated a number of significant targets for further exploration, the first stage of which will begin during the first quarter of next year.
Makmak showed early potential for iron oxide copper gold (IOCG)-style mineralisation based on Coppermoly’s preliminary fieldwork. – Proactive Investors