Firm enters deal to fully own mine

KINGSTON Resources has reached an agreement with 30 per cent joint venture partner Pan Pacific Copper to move to 100 per cent ownership of the Misima gold mine in Milne Bay.
Under a non-binding term sheet, Kingston can pay A$2.8 million (K6.33million) in stages to acquire the 30 per cent it does not already own.
The initial A$500,000 (K1.13 million) would be paid by the end of January with the balance due by the end of April.
Kingston had just over A$6 million (K13.5 million) in cash at the end of September.
Pan Pacific said it was exiting as the project sat outside its current focus.
Misima has an indicated and inferred resource of 82.3 million tonnes at 1.1 grams per tonne gold and 5.3gpt (grams per tonne) silver for 2.8 million ounces of gold and 13.9Moz (million ounces) of silver.
Kingston is currently undertaking an exploration and resource expansion drilling programme with an aim of reaching 3Moz in resources.
The initial target is near-surface mineralisation for early mill feed.
Kingston is planning to start mining studies at Misima by the middle of next year. The company is presenting at the Precious Metals Summit in Zurich, Switzerland this week before marketing in London.
Kingston completed a 10-for-one share consolidation last week. Its shares last traded at 15.5cents. – Miningnews.net