Kingston Resource owns project

KINGSTON Resources Ltd now owns 100 per cent interest in the Misima gold project in Milne Bay after completing all terms with former joint venture partner Pan Pacific Copper to acquire its 19 per cent interest in the project.
Following receipt of all PNG regulatory approvals, Kingston has paid the AU$1.65mil (K4.31mil) final tranche of the total consideration of AU$2mil (K5.23mil).
According to the announcement released on the Australian stock exchange last week, this now formalises Kingston’s 100 per cent ownership of the project.
Details of the acquisition agreement were announced on Nov 12, 2019, and updated last June 24.
Kingston managing director Andrew Corbett said this was an outstanding outcome for shareholders and an important milestone for the company in its pathway to become a new gold producer in the Asia-Pacific.
“The completion of this transaction provides Kingston with 100 per cent ownership of our flagship asset, which is rapidly progressing towards development,” he said.
“Since we first acquired an initial 49 per cent interest in the Misima gold project back in late 2017, we delivered a number of key project milestones that culminated in the delivery of a highly positive pre-feasibility study (PFS) for Misima in 2020.
“This PFS clearly demonstrated that Misima is a large-scale, long-life, low-cost gold project that is set to deliver significant value and opportunities for all stakeholders.
“We have grown the initial resource base from 2.3Moz (million ounces) to 3.6Moz, delivered a maiden 1.35Moz ore reserve, and we expect both our resources and reserves to continue to grow through ongoing in-fill drilling and testing of exploration targets.
“Completion of this acquisition provides Kingston with a streamlined and simplified ownership structure, providing a strong platform and added flexibility to continue checking off the necessary milestones to re-start gold production on Misima Island.”