Completes 70% Earn-in of 2.8 Moz Au Misima Project
Sydney, Sep 11, 2018 AEST (ABN Newswire) - Kingston Resources Limited (
ASX:KSN) (Kingston or the Company) is pleased to announce it has completed the expenditure requirements to increase its ownership of the 2.8Moz(see Note below) Misima Gold Project (Misima) from 49% to 70%.
Kingston would like to thank its joint venture partner Pan Pacific Copper (PPC) for enabling the rapid recommencement of exploration on the island, which has delivered this significant milestone. PPC is owned by JX Nippon Mining and Metals (67.8%) and Mitsui Mining and Smelting (32.2%), and is a global mining, smelting, refining and international copper and gold producer.
Kingston's Managing Director Andrew Corbett commented: "Completing this earn-in is a key milestone for the Company and delivers real value for shareholders. The joint venture is well advanced with the program at the Misima Gold Project and we have every confidence of delivering exploration success to both grow the current 2.8 million ounce gold resource and to identify new regional targets. We look forward to reporting more assay results shortly."
Koji Hirai from PPC added: "We are delighted to be working with the Kingston team as they advance exploration and development work at Misima. The asset has a lot of potential upside, and our focus is on increasing the project's value through the delivery of a well-executed and safe exploration program."
Note: Misima 2.8Moz JORC Resource, http://abnnewswire.net/lnk/XZUH15AF
About Kingston Resources Limited
Kingston (ASX:KSN) is a metals exploration company. Currently the Company's priority is the world-class Misima Gold Project in PNG, which contains a JORC resource of 2.8Moz Au, a production history of over 3.7Moz and outstanding potential for additional resource growth through exploration success. Kingston currently owns 70% of the Misima Gold Project.
In addition, Kingston owns 75% of the Livingstone Gold Project, WA which holds a 50koz resource and is the site of ongoing exploration and a number of high-grade historic intersections.
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