Kainantu Resources excited about project’s potential

By GYNNIE KERO
THE Kainantu Resources Ltd (KRL) has executed definitive agreements to acquire control of the May River project in West Sepik.
Chief executive officer Matthew Salthouse said: “The May River project is an exciting acquisition for KRL, given its location in an exceptionally prospective and proven district for significant copper-gold projects.”
Salthouse said May River would give the Asia-Pacific-focused gold mining company access to a number of highly prospective copper-gold prospects in proximity to the world-renowned Frieda River copper-gold project.
“The deal also demonstrates KRL’s ability to execute value accretive acquisitions, in line with our broader strategy of developing a portfolio of high-quality gold and copper-gold projects in the Asia-Pacific, and advancing these through the value curve.
“The May River acquisitions fits KRL’s strategy and we are excited to access the ground and advance the existing data.
“The KRL looks forward to continuing to work with the key stakeholders of Niuminco and Hardrock in developing both the May River project and KRL as an emerging mining company.”
The May River project is in West Sepik near the Frieda and Sepik rivers.
It is located less than 15km from the PanAust-owned Frieda River project.
KRL entered into two agreements to purchase, indirectly through the acquisition of two holding companies, the highly prospective copper-gold mineral concessions, known as the May River project.
On closing of the acquisitions, KRL will take full ownership and management of the project.
The current owners, Niuminco Group Ltd and Hardrock Ltd, through wholly-owned subsidiaries, will continue collaborating with the company and will take an equity interest in KRL (on value accretive terms and pricing for KRL).