Pacific Niugini Limited (ASX: PNR) – $0.054
27 Jan 2015
Pacific Niugini Limited (ASX: PNR) has received approval from the Department of Minerals and Petroleum for the Project Management Plan at the Nicolsons Gold Mine near Halls Creek in Western Australia.
This is the final approval required for commencement of works at the site. Plant works (Figure 1) will commence as soon as possible with pit dewatering to start during the ensuing weeks (Figure 2).
Figure 1. Nicolsons existing Process Plant
Figure 2. Nicolsons Gold Open Pit Mine
The company has secured a financing proposal (announced 5 December 2014) for the mine restart from the Commonwealth Bank and is assisting Bulletin Resources Limited (ASX: BNR) in obtaining finance for its share of the project in accordance with the Heads of Agreement (announced 8 December 2014). Under the Agreement, Bulletin Resources will transfer a further 15% interest to the company for a total of 80% ownership immediately upon conditions being met including finance.
For further information, visit www.niugini.com.au
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