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Harmony expands PNG exploration portfolio

I-Net Bridge | Thu, 27 Aug 2009 14:29
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[miningmx.com] -- SOUTH African gold miner Harmony Gold said on Thursday it has acquired two new exploration projects - the Amanab and the Mt Hagen Projects in Papua New Guinea (PNG).

These exploration licences (EL) complement the exploration activities undertaken by Harmony and underscore the company's commitment and belief in the developing minerals industry in PNG, the company said in a statement.

Amanab project EL1708 was granted on 6 July and comprises of about 863 square kilometres of tenure. The tenement is located approximately 160km north of the OK Tedi copper-gold mine in the Sandaun Province and was pegged to target the bedrock source of the alluvial goldfield centred on the Yup River.

The Mt Hagen project comprises two contiguous tenements encompassing approximately 1,100 square kilometres of tenure. The tenements are located approximately 20km north-northeast of Mt Hagen and are readily accessible via the Highlands Highway connecting Lae and Porgera.

Harmony acquired 100% of the mineral rights for EL1596 from Frontier Resources for the cash consideration of Aus$300,000.

Harmony also acquired the rights to explore the adjacent tenement EL1611 over a four-year period, with the condition that Harmony's exploration programme meets the minimum annual expenditure commitment. At any time during this period Harmony may exercise an option to purchase 100% of the tenement for a total cash consideration of 6 million Kina, it said.



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