The National, Monday, June 6th 2011
SHAREHOLDERS have unanimously approved the major gold/silver acquisition of a multi-million ounce deposits in Mt Kare, Enga, by exploration company Indochine Mining Ltd.
All votes recorded were in favour, with more than 50% of the shareholders voting.
In a statement released last Thursday, Indochine said a substantial increase was expected in the joint ore reserves committee in about three months time due to lower cut-off grades.
The last resource was calculated at US$300/oz gold price (20% of the current price) and US$5.50/oz silver price (15%).
Enterprise value per ounce is between one-third to one-fifth of comparative gold projects.
In Cambodia, it has the largest mining property holding in a country with limited modern exploration and was within a region known for world-class gold and copper deposits.
In PNG, also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare.