K60mil invested in project

KINGSTON Resources Ltd has so far invested more than K60 million in its Misima gold project in Milne Bay, the company says.
“To date a little over K60 million has been spent on the Misima gold project,” Kingston’s chief financial officer and company secretary Chris Drew told The National.
Kingston had also recently, identified an increase of 39 per cent in total resource at its Misima gold project.
According to the company, the Misima gold project is an exploration and development asset with significant scale underpinned by a 3.6 million ounces (Moz) gold resource and a 1.35Moz gold reserve.
It also hosts a number of exploration targets.
Drew said the company was completing is definitive feasibility study for the project.
“On (Misima), we continue to be very active, working towards the completion of our study and environmental and social impact assessment with a number of studies contributing to those work programmes completed or underway.
“That work is all on track to be finalised next March.”
Meanwhile, Kingston is the first company to focus on recommencing gold production at Misima since Placer Dome ceased its operation in 2004, having produced 3.7Moz over a 15 year mine-life.
“Gold was discovered on the island in 1888 with small scale underground mining continuing until World War II. Placer Dome Inc (Placer) commenced exploration in 1977, with production beginning in 1989.”
Misima operated as an open pit gold mine from 1989 to 2004, producing 3.7Moz at an average cost of US$218 (K747.58) per ounce.