The National, Wednesday 10th April, 2013
HIGHLANDS Pacific has suspended drilling operations in the Star Mountains, Western, due to unseasonal dry weather.
The company said in a statement this would allow it to consider and develop new drilling campaign options and hold further discussions with the government and Ok Tedi Mine Limited management.
Managing director John Gooding said: “We are genuinely excited about the quality of results achieved so far at Star Mountains and we are hopeful that this new porphyry district in time will produce great benefits for all in PNG.
“We will remove the two rigs from site this month and look to develop a new concerted program for later in 2013.”
“Highlands Pacific has been conducting extensive exploration activities in the Star Mountains since 2010 when it drilled the first holes at the Olgal prospect, some 39 years after Kennecott drilled two shallow holes there in 1971.
“The company has invested some US$27 million into the exploration leases during this time. It is important that we ensure that we continue to apply our existing cash reserves (in excess of US$10 million) and other future funding in a structured manner and where appropriate with well positioned strategic partners.
“Highlands will continue to support the people of PNG and the efforts of the O’Neill government to increase and improve infrastructure development by seeking to discover and progress new mineral resource projects in the country.”