Triple Junction posts Q3 profits

Business, Main Stories

The National – Friday, December 17, 2010

PINING company Triple Junction Place Plc has posted its third quarter report last September with more than  £569,000 as profits on disposal of investments from the proceeds and profits from their holding on Gold Anomaly Ltd.
The company explores for gold in PNG and Vietnam and has joint ventures in advanced projects with some of the world’s largest gold companies such as Newmont, Barrick, Gold Anomaly and Newcrest.
Since Sept 30, the company has raised £2.5million in an equity placing, repaid convertible loan notes totaling £180,000 and converted a further £50, 000 into ordinary shares.
Warrants have been exercised generating a further £485,000 cash.
The company has experienced a number of positive commercial developments in recent months as projects in PNG continue to develop, with Hides Creek in the Morobe JV with Newmont looking particularly exciting and would start the second phase of drilling next year.
Overall, the results have been pleasing to date.
Newcrest has  signed on a joint venture agreement for the Manus Island project, who should start drilling later next year, with 15.2% shareholding for the company.
The Barrick-managed Wanum project will provide 11.7% share for the company.