Highlands Pacific happy with progress

 HIGHLANDS Pacific has progressed well into its projects for the first quarter of the year, managing director John Gooding says.

He said the recent explorations at the Star Mountains project in West Sepik and their participation in the Ramu Nico project in Madang had improved production performance for the company during the March quarter.

“Highlands continued to make great progress during the March quarter, executing the Star Mountains joint venture with Anglo American and nominating into the Ramu project, which continues to improve production performance,” Gooding said.

“At the Frieda River project, our joint venture partner, PanAust, is progressing the feasibility study, while at Sewa Bay, we are working with Sojitz Group to undertake a comprehensive augur drilling exploration programme. 

According to the  company’s quarterly activity report, its cash at bank had increased to A$13.2m (K28.19m) from A$8.7m (K18.5m) last December, following a receipt of US$5m (K13m) from partner Anglo American Plc in February as part payment for its interest in the Star Mountain project.

Gooding said the current progress for the company this year was looking positive for shareholders.

“During the remainder of 2015, we expect to deliver some exploration results from Sewa Bay and from Star Mountains, where a diamond drilling programme has started.”