TPJ accepts offer for its Wamum stake

 By SHIRLEY MAULUDU

THE Triple Plate Junction (TPJ), a gold and mineral exploration company operating mainly in PNG, has accepted an offer of US$750,000 (K1.8 million) for its 12.14% interest in the Wamum project in Morobe. 

Non-executive chairman Tony Shearer said the offer was payable by cash and was subject to certain conditions. 

The Wamum project is a joint venture project between Barrick gold and TPJ. 

Shearer said, however, that Barrick and its new joint venture company were still in negotiations.

“One of the conditions is that Barrick completes its negotiations for a joint venture involving its 87.86% interest.

“These negotiations have progressed, but at a very slow rate and we hope that they will be concluded early this year, although probably subject to some conditions,” Shearer said. 

According to the TPJ website, the company was also in advanced discussions with another junior company for an interest in one of the licence areas in Morobe. 

TPJ, which was incorporated in England and Wales, is a gold and mineral exploration company. TPJ listed on AIM (the Alternative Investment Market) in 2004, having completed a fundraising of £4.2 million (K13.59 million). 

The company had secured highly prospective exploration areas, which had the potential to host world-class gold and copper-gold deposits.

TPJ would use its assets to build a significant gold producer, based on continuous identification, assessment, analysis and negotiation of controlling interests in first-class gold deposits and areas with exceptional exploration potential.

Shearer said: “Crater Mountain progress in completing the conditions to our divestiture of this asset (which is outside control) has been slow. 

“As a result, the A$200,000 (which is due to us under the contract in respect of the sale of our former interest in the Crater Mountain project) is still in the escrow account.”