Kingston Resources Ltd to assess potential financing options

KINGSTON Resources Ltd is assessing a range of potential financing options for its project in Misima, Milne Bay, according to the company.
The company denied reports that it is selling its gold project.
“As previously announced, Kingston has commenced a strategic review of the Misima gold project (to assess) a range of potential financing and ownership options,” a company statement said.
“There are a range of potential outcomes from this process, one of which could be a potential sale as noted in the media report.
“At this stage, Kingston has no further comments to make in relation to the status of the strategic review.”
The Misima gold project is an exploration and development asset with significant scale underpinned by a 3.6Moz gold resource and a 1.35Moz gold reserve.
Gold was discovered on the island in 1888 with small-scale underground mining continuing until World War 2.
Placer Dome Inc started exploration in 1977, with production beginning in 1989. Misima operated as an open pit gold mine from 1989 to 2004, producing 3.8Moz at an average cost of US$218/oz.
Kingston’s drilling has been focused on delivering to its strategy of identifying near-surface ounces to deliver ore feed for the early years of operation into the Misima mine plan.